mae full yr accounts just ann, page-12

I completely agree that the balance sheet does not look well.

But any business that has not had income for a year would have a poor balance sheet.

I am not so much interested in the state of the balance sheet as at now but what the projection is over the next 3, 6 and 12 months.

We are afloat right now and our financial hardship has not been hidden from anyone. If, as a shareholder, you thought MAE was all rosey financially you should be shot.

The real question that needs to be answered is do we have a chance of getting gas onto production. We have had numerous announcements lately regarding the wells being bought back onto line and of course it has taken longer than expected.

We are at a fork in the road and it will go one of two ways:

1. The flow rates from the first well have not been announced because they are not reaching the 5-7 that they originally reached. If this is the case we are all stuffed and will have plenty of capital losses to take up over the coming years.

2. The flow rates have not been announced because they are greater than the 5-7 and the management want to give it a few weeks of consistant flow before they announce to market. If this is the case then we are all winners and the SP will rocket.

There will not be any action with the SP until the flow rates are announced and if you hold now there is no reason that you would sell before they are announced, if you were worried you should have already sold by now.