Ann: Research Note, page-14

R15, I doubt the big players have ever cared about the SP and understanding the pathway to profitability was the focus. Our facilities and Louise drilling were paid for by earnings, admin is low compared to any peer so irrespective of Louise we have a strong foundation. I am pleased mgt have finally received some recognition for their efforts and persistence,also thks to you for your efforts which have always encouraged me. Hopefully bright days ahead but you never know in this market - There is always risk so good to consider all possibilities in managing our hard earnt money.
Cheers and GLTA