accumulation, page-10

Hi pete11

No I don't have a target for end of 2012 as I've always seen OBL as a long term investment.

Can OBL reach 30c in 2 years? I believe so.....and do it with ease IMO.

The management of this company are working to a plan (a plan which I endorse) and there has not been a deviation IMO.

How many times have you read the words "company maker" in company reports about our individual projects?

So......

The Derby block.

We still retain 50% of the Derby block......no change except we now have a much stronger partner.

Backreef area......

We still retain an 80% equity in this area and at the moment we are about to drill our second well. Will we find producible oil? Who knows. One thing to consider is that the backreef area is also prospective for gas at deeper levels.

Cyrano.

I'm waiting for an update here but it is another excellent opportunity for OBL.

Gippsland tenements.....both off shore and now on shore as well through the company's investment in BAS.
This could be the sleeper yet to awaken and I know the company CEO (our surgical geologist) LOL rates this area highly.

So that's my personal assessment but you have to do your own DD.

If you are around in June 2014 perhaps we can compare notes then.

Cheers mate