crucial fact, page-74

Everest,

It is a serious allegation but it is what I am infering from what you have posted. You have DIRECTLY said that what management have stated in reports is false.

"We are also excited about the
exploration targets not reflected in the reserves thus far. We are building the rig
fleet and infrastructure to begin leaving the “R&D” phase of our evolution and enter
the large scale exploitation phase. With the upcoming drilling we hope to provide
our shareholders with an exciting and great year ahead. These initial reserve studies
and the pilot drilling to date are only the first stage –"

on blue ridge reserves:

"Blue Ridge
Dome do not include any allocation for reserves to Maverick’s recent
1,930 net acre acquisition which more than doubled its holding in and
around the field. Initial reserve estimates on these holdings are
expected in the coming 3-4 month"

Nash:

"Nash Dome reflect
only Maverick’s initial 2,740 net acres and do not include any
allocation for reserves to Maverick’s Nash Dome Phase 2 (2,895 net
acres) or Nash Dome Phase 3 (1,790 net acres optioned) acquisitions.
Initial reserve estimates on these holdings are expected by the end of
2012. "

The REASON it is called developmental drilling, if you paid attention to quarterlies is that the leases, blue Ridge, Nash and Boling are all classed by the ASX as developmental leases now. Even the high impact is still classed as Development rather than exploration.

Only Edwards reef would be classed as exploration due to the lease class.

If you didn't take the quote out of context:

"The Directors of Maverick consider the drilling, survey and other work completed on
Maverick’s current Blue Ridge Dome, Boling Dome and Nash Dome leases is of a
developmental nature, as opposed to exploratory. On this basis there are no exploration
activities to report in relation to Blue Ridge Dome, Boling Dome and Nash Dome for the
quarter ended 30 September 2012"

And from the same report:

"For all exploration companies there is an aspect of research and development, usually
through a combination of seismic and subsurface work culminated in the drilling and testing
of various formations. While the Het Lime has not been completed as sustained commercial
production as of yet, there are encouraging developments which the drilling and testing data
has provided. Most of the new Het Lime test wells drilled by Maverick have encountered in
excess of 250 feet of Het Lime with oil shows throughout. While there is no guarantee that
commercial reservoirs will be confirmed in each well drilled, the historical precedent of Het
production using old completion methods and the presence of oil shows justifies Maverick
expending the time and money on this aspect of research and development while balancing
with its in field sandstone development and exploitation of conventional reserves and high
impact drilling plans. Identifying significant thickness of a prospective reservoir with oil
shows is the first element in the evolution of any oil play"

They literally call it exploratory. It is simple lease definition that restricts it being called 'exploration'.

I have also queried the company and got the response that het-lime and outer-flank drilling was outside of the salt-cap/dome reserves to date. Ontop of this, they said that entire sections of the salt dome on nash dome recently acquired have no reserves attached to the them.

Cheers Everest

I wasn't a holder for almost 2 years without knowing what the company was up to.