Ann: Mareket Update, page-24

I think I'll vote for a board strike this year on the back of continued poor SP performance. I am undecided about any further action, leaning away from it at this stage. As Stockrocker said, there is a big difference between bad management and bad geology, and CTP are operating in known tight basins, so there is a limit to what we can reasonably demand from the company.

It's not RC's fault that STO didn't proceed with the JV, RC can't wave a wand and turn moose pasture into the next Cooper Basin and if STO think it's moose pasture, then moose pasture it is.

Individually each of these incidents are not RC's fault, but the accumulated failings of the company reflect in the poor SP performance which in turn reflects badly on both RC and the board - it is their job to steer the company in the right direction and if the failings are mounting up then questions need to be asked. One failing may be bad luck or bad geology, but the longer the failings go on, the more you have to question the strategy.

I remain convinced the gas purchase was the right move, and likewise delaying Surprise East, but disclosure around the latter has been terrible (disclosure in general has been terrible) and everything else the company has been involved in has been unspectacular to say the least.