Buy side building, page-3

Morning All

The Chairman's Letter accompanying the Notice of Meeting contains a couple of minor gems.

> Many on our forum have speculated that instos which bought into the capital raise at 11 cents might be contributing to the selling we've seen in recent weeks/months. The Chairman speaking about the CR: "We are very grateful to the large investors who supported our vision and management then and who continue to do so (my emphasis). This says to me that not only do they remain on board, they are likely to stump up again when required.

> The Chairman erases any doubts about our strategy from here when he says our discoveries pose new challenges and "a vast amount of work ahead to properly appraise the discoveries and, ultimately, to develop these oil fields". As clear a statement of intent as you could hope to see. And just in case you missed it: "I am confident we have a very good team of people capable of seeing us through the next part of the journey to oil production."

> On the finds themselves. He affirms both are likely to be large enough to support stand-alone developments and that the prospectivity of the continental shelf off Senegal holds very large upside potential which we hope to progressively unlock over the next few years".

This is as unambiguous and positive a Chairman's report as you could hope to see at this stage. And I might add the Company's progress is now visibly marked by a noticeable uplift in the professionalism with which it is presenting itself to the market. We are looking and sounding like a prospective ASX 200 firm, never mind 300. When we hit the 200 next year, we will be well and truly ready.

I very much look forward to the AGM and hope to see a few of you there. Homeales, I know you're attending. Look for a little balding bloke with a cropped white beard. It's OOO.

OOO