Ann: South Erregulla Update, page-146

I own shares in both.

My thoughts:

- At the moment TPD and STX are coupled
- TPD market cap is around $124 mil, 19.5c share price
- TPD now has:
Around $35mil a year coming in from Walyering after last profit upgrade
W7 being drilled early next year
Triangle drilling first half next year
Mongolia, who knows but could be huge, maybe not
Condor
- On $35 mil a year from Walyering (alone) TPD SP is being held back by STX. If TPD was not coupled to my mind TPD share price would be 22c or 23c today.

Why ? There is a lot of people selling ? STX increase in shorts, but in TPD land there is still lots of selling as well.

The STX price needs to increase to get my vote for the take over.

Just my views