Ann: Company Update, page-3

"The Board has had approaches from several industry players inrespect to dealing at a corporate or JV level with its Vic /P47asset. It has executed NDAs with some and provided access to itsdata for evaluation. This includes a written non-binding proposal which the Boardcurrently considers inadequate. The Board has suggested to thatparty that acceptable terms should be based on a structureinvolving an up-front cash payment, free carry through to gasproduction, and a cash-payment upon commercial initial gasproduction testing.Any discussions or considerations are only preliminary and nonbinding at this stage and in any event any final agreement issubject to shareholder and/or regulatory approvals wherenecessary."

Not bad, but I am unsure about the new venture at Moama..... I think they need to sort out the current projects first. Are they hoping to use the cash injection from Judith for this new venture?