board strengthening / company strengthening, page-7

"Two big and juicy placements by the big bank advising"

The two placements have been smart though. Maybe the short term traders got pushed out causing some weakness in the price but that is one of the dangers of short term trading. If your in it for the short term there is too many risks to account for and one of them is placements.

The first placement ensured that we were fully funded for 2012 and a portion of 2013. They raised 50 million at 3 dollars during strong volatility in the world markets. I really don't see it as negative at all.

The next placement was also extremely clever. 40 million at $2.75. 36 Million paid to Gujurat for 90% of EP457 and EP458. They saw the opportunity to take control of the principal plays in the Canning and they swooped.

"We are delighted to have been able to complement our already extensive acreage portfolio with these highly prospective permits. They give us full regional coverage of all the principal play types in the Superbasin, and substantially complete our long term portfolio optimisation program.

The EP457 and EP458 permits contain well defined prospective trends and well developed structural features. The Laurel wet gas resource is interpreted to be present, as is the continuation of the Ungani trend along the southern margin. The Goldwyer Shale is also in the oil to wet gas window on the Jurgurra Terrace in the southern part of the permits. The deep seated salt tectonics on the basin margin in these permits are also a unique play type for the basin."

The price they paid is extremely cheap and if Ungani North proves successful then they got the licenses for a steal as the licenses are a continuation of the Ungani Trend to the south.

Im waiting patiently for results from Ungani North and I back managements decisions. IMO there has been very minimal dilution to shareholders for what we have gained.

The other issues are fair enough but these types of things happen all the time. The rig breaking..not much you can do about that. Issues with traditional owners..lets wait until we get further news.

The last eight months has been very positive. Potential BCGA at Yulleroo and the Valhalla BCGA continues to get larger. State agreement also recently established. Although the share price has taken a breather if you consider the rise we had prior she was due to track sideways for awhile.