take-over approach, page-8

Strauss - contrary to Mahony, it was actually not in the Quarterly but in an announcement the same day of 30 Jan 2012 entitled Market Update - Company Valuation.

There the Company states "this valuation was commissioned by the Board to provide assessment of the underlying asset value of the Company following an unsolicited preliminary approach..." and referring readers to the Company website.

Thus the approach came first and the Company then commissioned the report. It is reasonable to assume it was not done the same day, but that a Board meeting was called first to discuss. It does say the Board commissioned.

The PetroVal Report on the website is actually dated a day later, 31 Jan 2012, but clearly states it was commissioned in late December. As the approach was before this we are talking at least 2 months ago or more likely, as I said, the approach was "some three months ago".