Ann: Quarterly Activities Report, page-55

One of our big holding directors was a gold guy at one of the majors I think.

Anyway they got the gold tenements in part because that man knows both what he wants and what he is looking for.

And I want to agree with the guy that said that the NTA is lower than what people here are saying at 1.7cents.

Ive thought that for a while and I should have pulled it up as I think anyone playing that game is deluding themselves.

Like try and make a sale at 0.03. The thing is that if we get our decision just to start dilling onshore again then I think LKO doubles.

Also if you look at the deal LKO have just done they have snagged a comapany for less the 5ill that comes with a gas resource that one analyst / researcher put a 26mill dollar value on. Its in S.A. Also that company comes with 5 mill dollar rebate on that particular well for costs, from the S.A govt. And it backs on to our resource potential over the border in Vic. They, well now we have some real good looking stuff up in PNG. They must have given back the cooper though. Bugger. But yeah mkt cap of LKO is 50 mill, and we just picked up a company where one prospect is valued at half the lakes mkt cap for peanuts. They have to drill that prospect fairly soon I believe or they lose the rebate.

Now I might be being optimistic here, but why has that company not just tried to raise a mill and keep going?? Oil price is going up.... maybe they want (well obviously some certainty around getting that well drilled), but also they might just be feeling the 2 bill dollar carrot.

Could be 1080, could be a fistful of dollars and bottles crystal.

But we are going drilling soon enough is what is seems to me. With or without the Vic govts permission.

A question which should have been thrown around a bit more is what is a victory worth to LKO. No money- just onshore drilling? Do we go to 90-100 mill on LKO? Whats it worth to us??