give me a reason, page-28

Lazza,

"Any idea what these could run to"

Good question mate. Last Oct Nov she ran up to 6 on expectations with JV, I think most were expecting a farm in with a big oiler like chevron etc or local like santos, but when the ann. came with a holding/finance mob Medina a lot deserted.

The market was also pretty heated at that time, rather different to today, with subprime/finance crap going on at present.

On the otherside oil was around 80/bbl back then, now around 130.

So on balance, I would suggest around 3-4 on JV ann, then holding pattern until we get some action on the ground.

This is only my opinion, so am prepared to be proven wrong and I am interested what others opinion is in this.

I believe it will prove out, and U & oil will proceed, but it seems a long road.

cheers

steve