re: Ann: CEO succession

There're 2 possible ways that Brad will go to the West and DLS will go to the North.

Brad is focusing in a business model from a ground up. That’s from Conventional to Unconventional.

BRU is one of the emerging business model for junior explorers. Bru is about to explore tight wet gas both conventional and unconventional.

Brad is the right man to help Bru to explore this massive oil/gas prospects compared to NT's McArthur basin which is one of the world famous basin compared to US.

The NEGI pipelines and the horizontal fraccing from ORG could attract massive investments in NT.

Armour energy had got a speeding ticket due to this optimism because It's neighbor of Falcon where ORG is an operator.

DLS tends to follow the leader of unconventional. It's the same story as in NTNG.

There're some high value players like Empire energy (100% owned) Australian oil&gas ( Illingwood 25%, Blue energy 20%) AJ Lucas (NSW & NT) Central Petroleum( bought 20% stakes in one of STO)

If DLS has been asking the financial firms to assess its value then It's positive that DLS is an acquirer. The only upside for Sp. That in case DLS is potential merger.

According to Brad, there's always an unconventional play in a basin where there's not a commercial viability for conventional products to be marketed first.

So be wary with junior players in new unconventional play type in NT.

Unconventional is only suitable for bigger guys. The juniors in NT are only hoping for someone to acquire their assets otherwise the assets could be priceless if they’re not proven up. That’s why they are not kinds of a business model for Brad.

Perhaps NT is the game in 2016 for the big guys to merge together in the low price environment once ORG cracks the sweet spot at Velkerri shale in Beetaloo sub-basin