bombing range, page-10

Spoke to Guy Goudy yesterday..

Here are the points he made based on my concerns that i only hold options

1. he said if i asked him about Pel 8 weeks ago, that there was a slight cahnce it would get drilled in 2011. As of yesterday the basin seems to be drying out quicker than expected and that adelaide energy has the funds in place ready to commence when appropriate
2. They are cash positive which he was very happy about
3. Their focus now is to aquire more projects but projects in which they can have a larger holding and not a minority one
4. As to the options and strike price, he said that it is a priority to do there best to get these across the line as it reperesents $14,000,000 in cash to the company which will inturn fund new and existing ventures.

No promises were made on any of the above, but he was great to talk to and very confident in the companies progression through 2011.

all in all very upbeat.