Ann: Myall Creek Well Update, page-7

Delighted to read the current positive results from our Myall Creek well, in such close proximity to plug into our hub of expanding sales gas, including condensate and LPG.

I agree with SEMS, what a terrific way to demonstrate our Gas zones, ie against the levels of Brisbane's largest high rise building, for perspective !

It is inevitable at times like this, that we all look at the SP as the Company makes these positive announcements. My view over a long period has been one of surprise, that we don't currently have a base of $0.10c .... I know this is a only a few cents difference to our current SP, but it is surprising that we struggle to hit $0.10c rather than have it as our base. Mind you, we all by now understand the elephants in the room are both debt and profitability, which we will watch and see when, if and how the Company addresses this.

Before I move on from Myall Creek, it is good to remember that despite best analysis and efforts it is not at all uncommon to hit a dry well. I've seen various stats over the years that show dud wells as being quite common. Hence, it makes it a worthy celebration for our Company and Shareholders for the success of Myall Creek and especially the relatively quick and easy bolt on to our existing hub.

Lastly, as a separate, but related matter I'm getting a bald spot from scratching my head over the bizarre stories in the media over time but especially this week about East Coast (particularly Melbourne) planning to IMPORT natural gas from overseas in anticipation of East Coast gas shortages. Just mind numbing, and beggars belief from what used to be the 'Clever Country'. Australia has a super abundance of natural gas, but in many instances it is not being developed / monetised due to excessive red tape and green bans. But it is ok to import natural gas, no questions asked about its source. Unbelievable !

From our perspective, it makes sense that Armour keeps expanding our output to supply both export and local markets, that all seem hungry for our product.

GLTH