reports are out, page-2

At first glance, the new report is really encouraging if only for the level of disclosure.

1) For once, we know exactly how much gas/condensate has been produced and how efficiently the plant is operating. We therefore have some confidence as to how much revenue the company will get next quarter and what cash it will need to find

2) All of the previous references to 'potential gas in place' have been removed as they were clearly suspect and did not comply with the new ASX disclosure regime

3) They are engaging PWC to undertake a forensic review of the finances and prior expenditure (ie why did the plant cost so much!)

Its not good news operationally with ongoing problems with the gas plant but I am at least reassured that these problems will not be buried.

Good start new board