Ann: Chairman's Address to Shareholders , page-12

Entropylord

I have no problem essentially with Ronsteibs comments other than he doesn;t hold stock and so assume has no interest and then picks one sentence out of a report and says a very big statement. He is extremely negative towards this stock and I have to disagree with alot of what he has to say - not all.

Firstly, you can;t compare Mirage and the Murta formation and the Birkhead. I am no oiler but these 2 formations are totally different with different characteristics.

Secondly, the water cut concerns are Vic Pets concerns not ITC;s. ITC;s choice is to pump at higher volumes with a larger water cut.

I would be interested to hear from anyone and their comments on this water business and until I get advised otherwise will not stand for such a comment and refute strongly, particularly when I have been told otherwise by people in the game.