Ann: Waylering Update, page-73

Fair perspective Japes.

But given the current malaise, why not demerge it and then allow holders the choice of what to keep?

We have a very sound Perth Basin strategy and the market is not valuing the combined assets fairly it appears.

Breaking it up may be a good way to extract some of that value and enable two firms with clear paths to attract investors.

The Perth play will only grow if there is success in the TEG JV or EP447 plays. Any such success will lead to development costs, which could be funded through Walyering income.

The Mongolian play will need capital to develop over time too and that might be best raised in a separate venture, with TPD holders having shares to reflect their current ownership.

There could well be consolidation to come in time with that too, with TMK, TPD, EXR and JGH all holding maturing projects in similar areas.

All in all, I very much would prefer the split up to occur in the coming months.

Seems to be a split on this amongst many who have been there for a while, so hopefully the board can weave a path that makes all satisfied (which only could happen if we finally all start to see a lot more green- the ultimate goal!)