Ann: Myall Creek Well Update, page-10

LP

Convertible notes stand at $38.6mil. If converted @ .11 this would more than double the current market cap and is obviously a retardant to the SP.

On the LNG import terminals....... if you are not a user of gas and a shareholder of a producer I would see this as a positive as it sets a floor under the east coast gas price. Until NSW Vic and NT are opened up to production and any increase in east coast supply will only be incremental which will reflect in higher wellhead prices and profit for incumbent producers.
I, like you, am completely incredulous as to the stupidity of NSW and Vic Govts. locking up potential gas resources.


P