Ann: 2012 Annual General Meeting 23 November 2012, page-8

re: Ann: 2012 Annual General Meeting 23 Novem... I thought the AGM presentation was good, and they definitely have a strong shareholder focus; which is great to see and are ticking all the boxes.

But what I am interested in more than anything at the moment is who is going to buy all the gas out of PEL218 and ATP 855 and at what price? Is there a GSA in the wind? It is great that they are predicting increased gas prices on the east coast and they can be a swing producer for the LNG export plants when they come on line. But it would be even better to see a GSA to guarantee a portion of the sale of the gas at profitable levels.

As a large portion of the Capex is being spent on developing these permits, I think most shareholders want to know that they will be commercial once developed. I know it is still early days, but once we have clarity on this I think we will see a rocket under the share price as long as they are commercial.

I think most of you know I am a strong beach advocate; but this is one issue I would like some more clarity on. As it feels like a long time I have been banging on about the Beach and the shale gas potential. I still think the journey has a while to go before we get the answers around the profitability of the cooper basin shale gas. This is the key to really unlocking the value of beach and it's share price.