Ann: Investor Roadshow Presentation, page-19

Hey Loc, unless the gas prices rise as predicted, then unconventional gas (particularly shale), will be hard to make commercial. That being said, wet gas is a different matter. I rate DLS western flank wet gas and its northern tight gas projects are extremely valuable and will make good profit at US $45 oil and current as prices.

DLS cost of production on the western flank is about AUD $33. In Australia I am unsure if there is a cheaper field than Bauer. Small players should stick to what they are good at, exploring and bringing in big players to do the heavy lifting, even if times are tough. Just look at AJQ, U.S oil firms with capital are doing just that.

As for what DLS might buy, not sure, perhaps even just % of current producing assets. Look at what CTP did with Mereenie, huge field, making money right now. I would not be upset if DLS bought the other 50%.