warning regarding last asx announcement, page-3

gerkin,

There is no doubt about the play moving north.

With W&T now drilling in Terry County which is a lot higher than Dawson County but slightly to the west.

I'm not seeing anything from the Dawson results so far to cause excitement that's the worrying part.

Antares talked about some decent numbers to start with yet when you look at production achieved it was poor. Big Star could be too far east or just a poor area within the play. Only time will tell.

I'm surprised they have not bought anything else with the $200M loan available to them that's for sure.

I wait the year accounts with great interest.

LOTM