Ann: December 2014 Quarterly Report, page-19

Woody, not advice but the SP will sort itself out in the long run, volume is low so can go either way and the story is in the underlying value imo. Also sentiment doesn't matter really unless trading and whether good or bad. discussing issues will sort out who has done their homework.

My take on balance sheet is the exploration costs are capitalised and if successful the value moved to development, the dusters are impaired (written off) straight away.

Atm development assets are mainly D&L3, Desiree & Abita and they are amortised over their producing lives. I think West Klondike will move up this half year. Value of development imo is supported by the reserves and production. Abita took a hit last year probably due to the performance and is now at lower value than year before.

The exploration assets are primarily the Seismic and any lease costs no related to the producing assets. Louise would be in their and I expect some may be written off to reflect SWD well rather than producer but maybe not. Over the years because of the exchange rate movement and low SP I think the assets have been impaired more than normal so if FX improves these would all increase in AUD. If interested you can track movement from the Annual accounts, you need 2014, s012 and 2010. Each has prior year so this gives 6 years and easy to knock up in excel. I did it last year but is on an old PC somewhere.

It will be interesting to see how the unconventional explorers handle this issue in their half yearly's. I expect there will be some large impairments but doubt it is much an issue for GGE. It doesn't appear a big worry to most forums but worth keeping an eye one and forming an opinion fwiw.

All above is my opinion only,
Cheers