Ann: MIN: Extension of Norwest Takeover Offer, page-125

this is an appraisal programe - just picking up on your comment about"no gas". An appraisal programe is designed to test the actual size of the field. We are no longer in the mindset of "is the gas there or not". That was put to bed by Lockyer Deep -1 drilling, logging and flow testing results, and the various 2D seismic survey data. So yes, the gas is there, its now a matter of how much.

Your point about the gas and certainty and the MIN giveaway makes me point out some things we previously raised on here. Everyhere else in the world they call this an appraisal programe. The NWE board however, decided to call it exploration for whatever reason (people can make up their own minds on that). It is possible the board threw in the red herring about compartmentalisation to baffle everyone into thinking Lockyer is an exploration play and the gas may not be there so as to help them with their capitulation piece. Compartmentalisation means the reservoir may be present in "blocks" - so what? thats the case for most reservoirs. They are never a homogeneous, linear, tank like, features. These are rock layers. You also need to understand what it means to have an 800 m gas column in place. And what it takes to preserve an 800m gas column in the subsurface over geological time. You need to go back to the sections they showed us and see how obvious the gas filled Kingia reflector is showing around the NED-1 area.

MIN have seen all this and more, thats why they're saying theres a lot more gas there than we originally thought - remember they said this AFTER the Ringneck 2D results were out. And if you did your research you would see that the Ringneck 2D had coverage over North Eregulla, as well as LEAD E...So when he says he wants a 250TJ/day plant - with modular expansion capacity - from day 1...he knows theres >>2TCF there just on the current data alone.

The SP is a function of the market makers and their masters. And they are all about preserving value for the big guys (their clients and their clients mates) to come in and pick up bargains. This was never really valued at its true worth. And i would argue the board maybe even inadvertently, in the end, preserved the upside for the big guys.