Ann: ORIGIN ENERGY LIMITED PEL 514 GAS FARM-OUT , page-27

re: Ann: ORIGIN ENERGY LIMITED PEL 514 GAS FA... I think PGS should take this in stages.

Stage 1, they require 8 million, and they have 4.4 in the bank. therefore they need somewhere in the neighbourhood of 4-5 million (taking into account company costs until the completion of stage 1). Based on the senex stage 1 deal, 32 mill for 32%, make it easy, PGS should be able to farm down 4-5% of the deeps in this area to make up Stage 1.

If all goes good, Stage 2 will either be able to be self funded from capital raise, or a much smaller % at that time. No need to cover the entire program at this point in time.

However, if they don't like the deeps, fine, farm it all out, and keep the cash, but maybe shop around?