Ann: Investor Roadshow Presentation March 2014 , page-12

re: Ann: Investor Roadshow Presentation March... Yes Oily,

Accumulation going on. Don't know when it will crack to the upside but agree that it will happen sometime this year if not in the near future.

Even if it takes till the end of the year I believe the holding cost will be well covered by the upside profit when it is finally delivered to us.

Have been looking at Patriot Prospectus/Listing in which major AQO stakeholders have become (greatly) involved. Patriot not underwritten and still paying UBS a 6% charge.

When I look at Patroit being only an explorer, its market cap on listing (about $29m based on subscription price for 40m 20c IPO shares), its farm-in arrangement and its planned activities - and compare that to the likes of AKK, SEA etc - I can't see the value in buying Patriot IPO shares.

But for anyone who decides to invest in Patriot, I hope that I have got it wrong and you make lots.

None of the seed capital players in Patriot are taking up Patriot IPO shares. Contrast this with AQO where Tino bought heaps as part of the IPO.