**when is the next drilling result due**, page-12

re: for blackspot Howdy Pennynut,

Thanks for the feedback ... Michael is good value isn't he ... doesn't hype the stock but gives you a good balanced view of where they are going ... we discussed all the figures from all the rigs and I should stress that my figures are my estimates based on rates of US$38 a barrel of oil, US$5.75 per MCF for gas and converted from US dollars at a rate of $.75 divided by 240m shares and are not inclusive of revovery costs (which obviously are shared amongst the partners) ... all input data was verified by Michael and his team.

The good thing about a lot of the projects is the existing infrastructure and the completed seismic surveys ... which should enhance the potential hit ratio of the rigs...

The dates I have used I understood to be fairly spot on .. as I provided the data to FAR and their team ... but the updates are appreciated...

My take on this is that until we get a hit there will be lots of opportunities to get in cheap .. but once this starts to run we could be looking at an SP in excess of $1 within 12 months... just my take and as Michael is prone to state .. this is an exploration company and all 10 rigs could draw a blank ... so definitely a punt.. however if everything else fails the Lake Long gas project looks like the one that will "bring home the bacon" .. as the market is established as is the field..

Good luck of course and thanks again for the feedback.

Blackspot