Ann: Mallee Bull Update, page-53

Sarg, we all know that you don't like to hear any criticism of Peel or the M.D. That you are a rusted on supporter. Fair enough that's your right.

I too have been doing this for many years. After such a long period i have developed a good B.S radar. I have developed a lot of contacts in the industry & know who to follow & take notice of & who to avoid. Peel has a lot to offer & ticks a lot of boxes. I would not be here with serious money if it didn't.

I consider myself a realist with a decent dose of cynicism. As such i know it is healthy to question & criticise where i think it appropriate.

I think it's about time you stop using the bottom of the barrel in this sector ( explorers ) as a reference when talking about how well Peel are doing. We should be comparing Peel to the best of this sector. As such we should be looking at what is industry best practice & adopting it. You have come up with so many justifications & made so many excuses for these guys about why they are so slow with reporting. As Kipling once said "there are a thousand excuses but never a single reason" The best of this sector can & do report drilling results more frequently. Some on a weekly & even some on a daily basis.

" it’s important to know that the results we receive aren’t artificially unduly enhanced or in need of being doctored. "

I would expect a statement like that if we were invested in some penny dreadful run by the likes of a tenement trader. Instead of statements like this Sarg, why aren't you asking " if industry leaders like Mark Creasy, Mark Bennett & Karl Simich et al can report on a much more frequent basis why cant Peel ?

Answer: they can but either don't care enough about the promotion side of exploration to do so & or they are understaffed & as such should hire the appropriate help.

Whether we like it or not the equity markets & the commodities we are looking for run in distinct cycles. Those who are really successful in this business realise that & move heaven & earth to take advantage of the cycles when they swing in their favour. We currently have the cycles in our favour. But we have had 3 months of drilling with very few results.