Ann: Company Update, page-16

Moama Refinery cannot possibly get up if a request is made to shareholders to approve funding for it. The absolute priority is VIC/P47 period. The presentation was very ordinary and wouldn't get a minutes worth of air in a stockbroker or investor meeting. All colours and flashy diagrams/maps - meaningless. Not a penny of work done by the directors barring the herculean efforts of Carl Dumbrell and his own colleagues. Time wasting and attention seeking - trying vainly to convince shareholders that they have actually done something. Apart from some beaten up oil refinery in Southern NSW nothing has changed and the company must raise funds soon and face the ire of shareholders - tempus fugit!!!!!