Ann: October Investor Roadshow Presentation, page-3

I know very little about GLL, but having read the presentation I gather this field is quite marginable, yes? No?

Low field development cost (~$6-7/GJ delivered):

That doesn't sound low to me, considering:

Domestic gas current selling at over $8/GJ.

So barely profitable even at high gas prices (that will probably fall in the future due to Government gas reservation policies).

No fraccing

Great, but:

Permeability in the R1 coal in this location too low

So it needs fracking? Is their decision not to frac due to wanting to avoid confrontation with environmentalists, or is it not possible to frack this field?

The presentation seems to embellish the potential of the field. Is "gilding the lily" the usual modus-operandi for this company? Or am I simply being overly critical?