Ann: Chairmans Address and AGM Presentation , page-7

The net acreage in the EFS is now about 50% of AUT's, though the quality of that acreage has still to be proved. Unlike conventional plays, there is little geological risk in these shales - it's all about pressure, thickness of the formation and maturity - the high pressure wet gas seems to produce the best results and that's what they are targeting. 2012 will see them drilling. It could be huge. In terms of potential multiples in value, this stock must be one of the most exciting on the market - as long as the company does not over-commit itself. They will need that additional funding but dilution to develop and prove up the assets still leads to enhancement of shareholder value - it's all about NAV/share imo. Not a share for grannies and not one to bet the ranch on.