proactive investor presentation - report, page-10

Hi all...

I was lso there tonight and had a nice long conversation after the preso with Rick. The MD was also there. I ave to say I was somewhat impressed.

There were 27 people there tonight. Two larger well know investors (prominent - won't say who) and two institutional investors (one very prominent and I would suggest there was some courting with Richard for further placements) that I could see.

Just on kbears notes:

> The cost per day after drilling is $8K
> The Williams line to the main grid is about 2km away
> The photos of the work site were terrific - they appear to have an older more knowledgeable management team based at Golden Eagle. Rick was full of praises
> The cost to go further in Leederville would be $100K. It was a no brainer not to proceed as discussed with Rick. This DOES NOT MEAN that they won't in the future. Once the site is an earner and the need arises, the opportuity is there. They hit thick clay and it was pointless to go futher. They are right!
> London RPS Energy estimated 95ft Net Gas Pay, other result showed 210ft. Lies in the middle as per Kbears assessment
> Weatherford will coming into the accounts within very soon (perhaps days away). Talking +$5mill from what could gather.
> There will be a market release tommorrow from what I heard
> Commercial production after the test results are back - should see this next quarter. Really depends but Rick will chase up next week with London RPS
> Rick expecting increased reserve estimates. Almost a surety
> Gas find is 'signifcant' on audit. One of the best in recent US times with this quality (10% price premium)
> Lease - as long as they keep producing, the lease continues

I was also impressed with Silver Swan preso and had a lengthy chat with Daniel from Austex. The booze was plentiful, the food was terrific and great to meet so many HC members.

Fire away....

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