qtr ann oyt, page-40

Correct SBates MAD is the initial operator, but it reserves the right to appoint an operator. Initially 4 MAD rigs are to drill 12 wells a month, but can scale up as required. This is a positive MAD have the fairway experience, control and the funding. Other teams can then be accordingly established for working the deeper targets in parallel [like Woolies' BWS and Dan Murphys - one(ish) owner - one product - two focuses].