Ann: Chairman's Address to Shareholders, page-18

Hi Cmon,

No trouble. Leave it with me, my house build completes this week (picked a hell of a year to build lol) so ill be a little scratchy on time but Ill try have a good look at it coming into Chrissie. Basically I think I had a very rough mark of about 30-35 mil US this year given I suspect development was probably not going to be as nearly as intensive just on the basis of Gc21 flowing at 1000 barrels approx. .

No proper derivatives profits factored but I do expect the US dollar to weaken improving the demand for US oil and AUS conversion to be quite strong this year (Call it a target of 45-50mil EBITDAX AUS after conversion) ..... its a little less then 12months back when I think we last discussed ... I had it originally closer to 40-50mil US but that was factoring in both sands for GC21 (which didn't eventuate) and a higher flow. I suspect OEL overpromised on the potential upside of GC21 based on the recent comments of TALOS CEO...hopefully i'm wrong and it flows above and beyond.