clarification of restructure proposal, page-16

As EPR doesn't seem fit to keep us informed on developments with the Restructure Proposal I obtained the following extract from BPT's quarterly ann. today:-

Essential Petroleum
In December Beach entered into an agreement with Essential Petroleum Resources Limited ("Essential") under which, subject to the approval of Essential's shareholders, that company's debt to Beach of approximately $14 million (arising from Essential's default in the VIC/P46 Joint Venture) will be discharged in return for Beach receiving a 50% equity in onshore Otway Basin exploration tenement PEP 168 and a 51% shareholding in Essential. A general meeting of Essential's shareholders is scheduled for 22 February to approve the transaction.

I'll be in shock if EPR does anything by 22 February.

ANZ