Ann: Operations Update, page-16

Wise,

Like you I expected more, maybe my thoughts are based on hope perhaps.

The 88e action i feel, has been largely dictated by the Rights Offer and subsequent placing of the shortfall. This overhang looks to have been cleared now.

The register is predominately PI's and over the last 4+ years many are now fully committed and look to be waiting for some actual "proof of the pudding". I get the feeling though that should said pudding be proofed then a great relief will be lifted from the company.

RMP have had a great run since relisting on the ASX and even with their own CR to contend with, looks to me like some of those that took place in that have taken some off the table after seeing good gains. Again though, if that pudding comes to fruition, should see plenty of action.

OEL, different beast as they are a producer and explorer, have many more macro influences than the others. I'm not across them as a whole so shouldn't comment.

The days of great runs into a well spudding look to have gone mostly, think many have been burnt to often.

The success case for all the Partners looks good though, especially with the action around the Winx leases and across the North Slope.

Cheers