note not a peep from aoe or pes & t/h remains, page-4

I hold BOW, ESG and BUL. Just reduced my BUL and VPE holidngs to pick up ESG.

I think that MPO and ESG are good targets for AGL and/or someone like Santos.

BOW is a prime target for anyone despite Arrow having a small holding. Their potential value just went through the roof with them being allocated the Norwich and Comet blocks.

BUL I am not sure what is going to happen with them at the moment. Would be surprised if they got snapped up. Currently drilling and determining reserves as well as seeking farmout on their permits.

WCL is hoping for reserves in a few months and are joined 50% at the hip with BG.

VPE are a prime target as the company has proven time and time again they cannot manage their resource. They have a great slice in some very juicy tenements in the Surat. Next to Cameron actually. BG hold a nice slice of them.

AJL have almost sold all their interests throught tenements they offloaded to AGL and their stake in SGL. I think they only have 15% of a nice permit with BG at the moment. Still speculation that BG may buy this from them.