a time to reflect & read the announcements

OK, deep breath required.

Fair to say that the SP has had an absolute spanking over the last couple of days and one that some will say they saw coming, and most will say they can't believe.

Fact is, we are now sitting at the lowly figure of 4.8c when only days ago we were sitting at mid 7's.

So what's changed? The way the SP has reacted, you would think that the whole program has been abandoned, never to be revisited again, every well a duster, nothing to look forward to in the near future....WRONG.

Quite simply, and I know that others can go into more detail, however all that has fundamentally changed is the fact that one of our wells, the Kockatea (for those unaware, the Kockatea was never a primary target) came back with lower flow rates that was seemingly unrealistically expected to be massive by many punters, and not a whole lot of oil, WHICH WAS NEVER WHAT WE SET OUT TO FIND ANYWAY.

The primary targets, being the lower and middle Carynginia formations, and the HCSS are the main plays of this concept, and why given early indications of what to expect from those formations, the SP should bounce back in the near future.

Remember that the HCSS, on limited flowback achieved 777Mscf/d and is expected to increase. Add to this that the Carynginia has previously flowed, unstimulated at 4MMscf/d in Arrowsmith-1 should again give confidence in what the coming months should bring.

I believe the announcement we received regarding the kockatea was always going to be met with negativity given the unrealistic hype being built into the kockatea, however to be back at these levels is a massive over-reaction IMO, and a classic case of the heard mentality.

I encourage those Long Term holders, in fact ALL Holders to re-read the past announcements since the fraccing program begun and again regain focus on what we are in NWE for. I for one was NOT in this for the kockatea to hopefully find some oil and a heap of gas. I am here for the combination of all 5 stages, with the greater focus being on the primary targets, the primary targets that are yet to have official flow rates.

Good luck to all holders. And if you're not a holder, 4.8c aint a bad time to jump on-board IMO.

Cheers.