annual report out

The Board has determined that after the Red Gully Processing Facility commences production the basis of Mr Marshall’s remuneration will change from consultant to employee. The salary package accepted by Mr Marshall is a five year employment contract remunerated as follows:
? Salary of $360,000 per annum subject to CPI adjustment
? Motor Vehicle allowance of $17,000 per annum subject to CPI adjustment
? Superannuation contributions under the Superannuation Guarantee Charge
? Annual and long service leave loading of 17.5%
? Short term incentive for an annual cash bonus up to 40% in value of total salary package subject to key performance indicators (“KPI”) being satisfied in each 12 month period. The weighing and requirements of the KPI’s are:
? Environmental Issues 10%-to achieve zero environmental issues;
? Production 25%-to satisfy the contractual obligations under the Alcoa Gas Sales Agreement and
the production of condensate at an average rate of 450 BCPD from the commissioning date;
? Financial Management 25%-to satisfy 2013/2014 budget requirements through management of revenue and expenditure;
? Exploration 20%-involving seismic and drilling;
? Across the Basin Farmout 20%-to achieve successful Farmouts;
? Long term incentive, subject to Board and shareholder approval, for the issue of securities in the Company.