Ann: QUARTER: NZO: Quarterly Activities and Cashf, page-2

re: Ann: QUARTER: NZO: Quarterly Activities a... Next sea drill looks like Kaheru in early 2015.

In the mean time at $138m NZD ($118m USD) the bank is healthy and will accumulate more. In short, plenty of money to continue healthy DIV. I wouldn't mind them raising the overall 6c Ann. Div by 1-2c NZD (extra 4-8mNZD p.a. respectively).

Success of present drill looking very high COS. Expenditure there will involve tie back to present operations/infrastructure. So will see quicker return for our 27.5%