Ann: Chairman's Address to Shareholders , page-2

The Chairman doesn't know yet if Monument was a foolish investment or otherwise, costing tens of millions of dollars, the promise of drilling and activity each year for the past 2 years at least in his annual reports, and he doesn't know. Let me tell you Mr. Chairman, it's a huge, monumental cock-up that you agreed to using our money.

At least in the presentation he had the will to document the very poor and foolish acquisition of Mitchell Drilling, and the poor senior management appointments that cost us shareholders dearly, but without stating the obvious why is The Chaiaman still there making these huge, costly cock-up decisions.

Whilst it is obvious our Board is made up of people totally manipulated by senior management, one has to allow them some degree of smarts, they aren't shareholders, so why rock the boat, they're happy to rock along and siphen our hard earned investments.

The only reason that is plausible for the past years financial performance is the one cited by The Chairman relating to poor commodity prices. The rest of the reasons/excuses are a direct result of absolutely crap management.

In short, the very future/success of our investment in this company relies entirely, 100%, on Cuadrilla, and its success is being determined by a government outside our operational location. Our future/success is summed up beautifully in The Chairman's last 4 words, "we can only hope".

Well done Mr. Chairman and senior management, our future is totally out of our own control.