Ann: Presentation to Annual General Meeting, page-35

Here are some meeting notes (from memory) - I'm sure Rooey will post some more as he asked a few questions others had here:

- Regarding current stage of data analysis, WDS only recently sent PCL their analysis of the data – current discussion is focused on the small differences between PCL & WDS interpretations of the data. Iain indicated this is close but still some months away from being ready for ASX release.

- PCL retains the option to discuss the 3D seismic data with 3^rd parties – WDS only has exclusivity to farm in up to the long stop date. Iain could not comment on if PCL was currently discussing the data with a third party, but said it would be foolish not to consider contingencies.

- Seismic licence delay was a unique situation (no other company in the area required one) whereby WDS did not want to officially enter the area (as they have a number of internal procedures they must complete before they can declare entering into a new country), hence why they only asked for an option to enter once the data was acquired. NAMCOR was hesitant to grant the licence to a company that was not officially in any joint-ventures in Namibia.

- PCL also retains the right to release the results of the 3D analysis immediately once they are complete, however would prefer to release an announcement in conjunction with a WDS announcement.
- The board remains very excited & encouraged by the data analysed to date!