Moving Target CTP, page-2

Hey there aabbaadd, here are some of my thoughts on your write-up, although not sure they are intelligent or thoughtful.

New Information/Issues Arising

1. I don’t recall hearing that new drilling and reserves won’t be able to create new income until 2020. That may be the case for Ooraminna but I understood Mereenie can almost immediately take advantage of new reserves, pending processing facility upgrades later this year (the amount dependent on sales capacity available & new reserves) .
2. RC hinted the GAP subsidy may only apply to PV, but was carefully coy in his words to not jeopardize any potential applications. Let’s not jump to conclusions here.
3. Nothing to add
4. Can anyone on HC provide the Morgans info? I don’t have a broking or subscription account with them.
5. Disagree that future gas sales income could have provided capital (via new finance?) for new drilling. The Rights Issue was necessary, although not sure I agree with the price or way it was done. That said, at least we weren’t trying to chase the ridiculously high $42m the SoA RISC report suggested we needed.

Recalled Issues
None of those mentioned appear like they need formal comment from the Company in my opinion.

Current Situation
Agree with your comments on Gasteen & Moore. While I believe RC has stumbled in the past 14 months, am prepared to let this year play out to see if he can deliver on what he has been wanting to do all along. Am sure he’s knows it’s the make or break year for him too.

Indicated Actions by Owners
Ditto above, believe RC should be left alone for the moment. Refer my recent comments to Liladime on any direct action against the board; it just won’t get up unless all the upcoming drilling fails.