Naveen, My understanding is that ROG have no interest in PEL478...

Naveen,

My understanding is that ROG have no interest in PEL478 because thay have not drilled it as far as I know, so ownership has reverted to CMR 100% in the new agreement.

This is I believe confirmed by the fact that further drilling of the 479 and 457 blocks will be 20% met by ROG whereas CMR will not have to pay anything for the drilling of 478. Brilliant!

ROG's statement tells us that "ERM will fund up to 9 wells in 457, 478 and 479" and then a few lines later we are told we will fund 20% on 457 and 479! Huh!

What happened to the pilot at Talma. Vanished into thin air.

As far as I can see we are out of the Clarence Morton area alltogether if ERM exercise their option, including PELA 135! Boom Boom!

All we have left is ATP840 (we drilled one hole which was a duster) in the Taroom Trough and ATP946 in the Eromanga Basin.

I wonder if we will be given the FULL detail of the tripartite agreement?!!

I was absolutely dumbstruck by this announcement when I read it and wasn't game to post, because all I could see was red, red, red... I wanted to strangle RG.

This agreement must have ERM in fits of laughter. They have ROG on a spit and will begin to roast us slowly in the not too distant future.

What concerns me is: what will become of the money that will come from ERM. Will it simply disappear into a hazy hard to define black hole or will RG actually try and prove up something in the above mentioned blocks.

Sorry about the rant, but I am still trying to come to grips with this appalling annoucement! I have tried hard to remain upbeat about ROG's prospects, given the Clarence Morton holdings, but it appears they have now been virtually handed over to ERM for peanuts.

After this episode, I have no faith in RG being able to turn this around. Unfortunately I am a long, long way down on this stock and to sell now would be pointless. I blame no-one but myself for being in this position, but for management to capitulate in this way is pretty hard to accept, especially given the quality of the tenements. If ERM do pay out on both 457 & 479, 10M /1.58Bn shares equates to 0.63c /share. Fantastic value adding for share holders...not!

Others I know will have a different view of this announcement, but this is mine!

Good luck to all holders...we will need it!

LL