Ann: Results of Meeting, page-4

Hi Al,

I am still here, just really busy at the moment. There is nothing really new to add at this stage. You would assume that management are in the process of negotiating farm in. They have certainly had enough time. There is significant upside if they are able to secure a farm in on good terms.

The conditions agreed upon with REY are not surprising. If OBL aren't able to secure a farm in then it will be confirmed that management are indeed incompetent. If they are, it should be announced shortly. Nothing has changed with the fundamentals of the block so you would think that a farm in partner would have already been lined up prior to the ownership being sorted.

I'm watching and waiting at this stage.