Ann: Appendix 3B , page-3

exactly right.

performance is about whether the company manages its capital to the benefit of shareholders.

we care about one thing.

Increasing the sp.

Not at the expense of dilutive cr.

A growing MC and a stagnant sp is a failure of management.

Dilution ought to be management to be minimal, to protect upside of Earnings per share, which reflect in SP.

All that said, in fairness...

failures
- CR at 2c.

- attempted sale of Tindalo, Yakal, X1 for pittance.

- Indo exploration to date.

Success
- Free carry on Bara 20%, and drilling 2014

- expansion of galoc

Prospect - West L.

Anything that is low risk, max reward is a path worth taking.

I suggest they work on a farm out of Tindalo, Yakal, X1 for a free carry.