Ann: Quarterly Activities Report, page-11

All your comments and analysis is sound.
Spend a little time on researching our largest Shareholder IMC , there is data available enabling you to estimate
their buy in price , their motivation was the huge PNG future Hydrocarbon's potential extraction not the China nor
NZ future potential. they came to the table and bailed us out on very very favourable terms, read the agreement it
was stated at the time after review as fair but unreasonable in the interests of other shareholders .

So options expire in September What will they do ? exercise them , yes of course they will @ 0.06c
and now that PNG is gone, over $100m of shareholders funds expended with a $3m return and only 2 assets with
diminishing reserves with a life of perhaps 7 years on the balance sheet . , how will they get their investment returned ?
As i mentioned in an earlier post today my feeing is they will take control post September and privatise the company

Perhaps this is being canvassed with the board atm and thus the lack of commentary from the CEO as to a future strategy.
You can be sure IMC are in control ...which way will they play it , I;m unsure.. just think why we cannot attract institutions to the
register ? IMC our largest shareholder sitting there with the right to move to 85% at will... that's the reason

Yes on fundamentals the company is well undervalued ...but i fear none of us retail holders will see the sp move much more
before we are encouraged to sell out at a fraction of the companies true medium term value.

my opinion only .