grieve development, page-23

Ash Creek has been disappointing, davo22. I was hoping we would see multiples of 8bopd by now.

"Elk need to drill a core well and it would be nice if they could drill high on the structure where there is potentially bypassed oil...." Davo, you have mentioned this more than once, have you taken it up with management? It would be great if we could get a frank update on progress so far and how they intend on generating cashflow from this field.

Meanwhile we will drift along until they are forced to raise cash, if not this quarter, then next. I'd be 'ok' about a raising of around $3million as that might get us through to first production from Grieve.

If we are to progress AC then we would surely have to raise more than that. A core well would be no small expense?

DJ