Ann: Live Investor Webinar - Tuesday 7 December, page-28

Great presentation. Iain is a great asset to this company. Aside from his technical prowess, he is very considered and feet firmly on the ground.

So when Iain says he believes the SP should be well north of current price, you know that this is not a flippant throw away line. What does this mean? hard to say, but in my books 10x current price would not be an outlandish outcome if the full potential of the company's ground is allowed to materialise. Many of the risks have been taken out of the picture. The gas (and oil) is there, the reservoirs are there, we are now just looking for structures. And if you go over to the stx thread, you will see that their geoscience guys are able to "see" the gas/oil charged structures with good seismic. These guys would be able to do the same.

Excellent relationship with JV partner - they are really working together as a team. Whilst he recognises that MIN took up 19% for a reason, the reality is that until such time as a proposition hits the table, each party takes care of their own interests and operates accordingly.

The message is that the JV is being extra cautious with everything they do. They dont want egg on their face. The flow test is taking some time, because they are procuring a desander...to have on stand by in the event they need to use it.

Surprised to hear they did not run the cement bond log. Independent view is that the reservoir and pressures are good enough to blow away any mud invasion into the reservoir.

In terms of reserves, they're going to take the Waitsia path...gradually build up the numbers with successive data points...as such don't expect the massive re-rate until late next year, after one or two wells. My only hope is that this does not play into the hands of a JV partner wanting to pick this up on the cheap. The main protection SH have to prevent this from happening is the astuteness and integrity of the MD and the NWE board, the large stakes of Mr Kennedy, 3IC, a few others in the top 20 ...as well as every SH on this forum, which could block any cheapskate.