Armor energy comparison, page-11

Hey Swis, let's hope we get anywhere in the ballpark, because Arrow was such a magnificent play. Just today in The Australian I am reading that Shell has finally struck a deal to develop the huge coal-seam gas resources in its Arrow Energy joint venture with Petro China, agreeing to buy 5 trillion cubic feet of gas, worth about $32 billion at current prices.

Frmen is correct about activists and environmental bans, which are definitely impacting Armour, specifically our super massive holdings and stacked plays in NT McArthur basin / Nth West Qld.... as well as our Victorian interests. Interestingly, the Jemena Northern Gas Pipeline (traverses Armours tenements) has commenced construction with first gas scheduled to flow in only 12 months time. It would be bizarre if we could not add to the gas headed to the hungry domestic East Coast Gas markets, will watch this with interest.

No wonder with all the red tape, bans, activism etc we now have tenements in Uganda of all places.

Kincora was such a terrific move for us and is looking positive, and growing in size and output.

On the downside, Shareholder dilution is another factor to consider, as discussed above, and further Cap raises could be on the cards.

In summary, regulation is partially strangling us, but we have smart management who are focussing on Kincora production for now. If we can open up the North, it will indeed be exciting times...

GLTH