1st update - 1mmcf per day, page-6

PC must have spent quite a bit of time pondering his strategy for the release of flows. I note it wasn't released till 1pm, he would have been updated first thing in the morning. Normally they don't put out announcements on bad market days (asx down 70 pts at the time). If this is the only announcement we're going to get, PC would have held off till closer to the closure date on a better day.

My guess is they had to get this relatively low figure out as early as possible so they can put a further update out when the market opens next Wednesday, giving 2 days to lodge the Bpays. The sp may have bounced to 2.4c today, but I'm sure PC is aware it'll fade to 2.2 - 2.3 by next week, making it not really worth anyones while subscribing to the SPP.

If I was in PC's shoes, and wanted this SPP to succeed, I'd put out a conservative figure first, then a few days prior to the SPP closing, I'd put out my best production figures. I am not saying he'd make them up, just very conservative to begin with. Previously JC, an American citizen was responsible for putting out flows. PC now has that responsibility and would be aware he is fully liable for any information they put out. In other words I believe what he announces will be accurate.

Over the past couple of weeks, they must have rung every shareholder and so would be very aware of what we want in order to pay out $15k. Ten days to go with 11-17 coming online. Personally I'd like to see around 2mmcf/d before parting with my money.