Ann: Half Yearly Report and Accounts , page-2

Hi all,

My intial thoughts on this update.

#No material update / rehash and consolidation of last few announcements and;

#An overwhelming tone of setting the markets and SH's expectations that although they we are confident in our current assets and strategies and plans to realise their benefits > buckle up for capital raisings and dilution if a JV partner isn't forthcoming quickly to launch the proposed work and exploration programs etc

In summary and although factual, it is the tone of the document that is most concerning ie there was no reference of any current discussions with potential farm-in partners nor any comment on any interest post the most recent announcement highlighting the potential of the M-field in Cebu.

Welcome your thoughts.

PS Delboy I hope your mail is right for next week!

SHW