Ann: Chairmans Address and AGM Presentation , page-2

agm positives;
- Winternann 2 to spud in Dec 2011.
- Cooper drilling to commence 1st qtr 2012.
- Immediate increase in production from Permian JV.
- Seeking partners for advancement of Carnarvon (Baniyas & Rivoli).
- Investigating Corporate opportunities (this can mean a bunch of things, more US leasing, more US farmins as well as Aussie farm outs).

Thoughts;
- No mention of Sadie gas unit??...another dud I assume?
- Both EFS wells confirmed as exploration wells, explains no horizontal drilling.
- Maybe, possibly, somehow we may manage to sell Kingston and attract a serious farmine for Baniyas and or Rivoli.
- Wilcox dry gas business has failed to keep delivering expected results yet we continue to drill this prospect??
- Sure hope the Permian JV can deliver some easy additional barrels!
- Keep praying STX get lucky at St Landry, they need some success to restore S/H confidence and the cashflow would be very welcome!


HC