Ann: Jaws Pilot Update, page-14

Hi Elliot. In regards to the value of Jaws being stripped away, let's not forget the take over and cap raising effect.......ie. sp back to where we were 12 months ago pre drill, with a market cap approximately 30% higher. The team are obviously excited about the WE/WA prospects and with a 69% COS placed on the primary target no wonder the focus has been shifted somewhat......all quiet on the Jaws front it seems. Although 69% COS is far from a dead cert (as OOO said check out FAR's recent Samo well) this is as good as it gets and being a conventional play makes it more enticing. Success brings much needed short term funding options > revenue, as Jaws even if deemed a success is many moons and many $$$ away from showing a return. Success at WE opens up alot of "running room" to the south and given the WA gov's recent decision, opens up some very interesting plays throughout the ex-UIL tenements, close to infrastructure/market.

Short term looks like dropping back to at least close the gap at 6.5, as no news re. Jaws is usually deemed bad news plus a bit of uncertainty around funding requirements is creating some strong headwinds. On the flipside, any sniff of success should see us well on the way to that juicy big gap 13.5c