Ann: Rights Issue Shortfall Notice, page-18

Looks like there is still a light on at the end of the tunnel albeit a dim one but I find it extremely disrespectful of DC to state “ our shareholders have provided a clear indication of how they want Petrel to proceed with it’s Uruguay exploration etc....”

No, that is not the case DC.... What we actually wanted was transparency and communication from management from the beginning along with accountability for the millions already raised and spent. I accept O & G especially exploration is a very volatile and risky business but our failings are far from the exploration part of the project but reflect predominantly on how the project and funds have been managed or should I say mismanaged.

Before deflecting I suggest Management have the balls to take responsibility for their actions and not suggest the
Position they are currently in is due to shareholders not participating in the CR but look at their partner and themselves first and foremost.

Being honest I am dissapointed in the level of participation and a Little disappointed I invested additional funds.

Good Luck All