Ann: Investor Presentation October 2012 , page-30

1. I dont think Camac are a seller at all as the changes in shares are prob due to fees etc. Next month will tell.Also if Camac are not a seller then better to issue scrip and they may well have wanted it so they could pick up some premium if drilling is successful

2.On the Top 20 the buying and selling interesting.

CCNL -which is the AIM shares increased 350,000
HSBC sold 7 million.
Piat increased from 3.2m to 3.5m
Hillboi increased from 2.068m to 3.175m

Citi sold 550k.

Overall the top 20 did not change greatly 9other than above) or the smaller private investors like Hillboi increased their holding.It is good HSBC are almost finished and if the Citi holding is to go then that is good also. New shareholders are good for the register.Instos hold no magic on wisdom.

Lrl , due to the selldown by HSBC, has received no predrill run.I dont agree with the view that if first drill is unsuccessful they will fall much-but time will prove that one. also ,as they have completed prior drillings i do not expect the early indications to be bad. Its when you get to the flow rates and water penetration etc on the multiple fraccing you start to see if any issues.