agm presentation

So what new things can be gleaned from the AGM presentation? (I hope someone who actually attended can fill in the gaps. I often wonder, "What did the CEO actually say at this point in the presentation slide?" Some verbal nuances can slant the interpretation significantly.)

Some immediate comments:

1. One can't help but notice the change in the order of priority of projects. Both Puga and Sumatra have become advanced projects while Kyrgyzstan has been downgraded to exploration level. What progress has occurred in Puga? Previous hold ups seemed to hinge around permissions. There was some hope of a World Bank Geofund grant (>$5M) to be announced in Sept (past) for the Kyrgyz project. Perhaps the GFC has affected the workings and timetables of that august body.

2. Puga. Side 37 implies that a development permit has still not yet been obtained but is hoped for by June 2010. Despite this a prefeasibility study will occur 1H10. Perhaps this is prompted by a time limit during which 49% equity is obtained by spending $6M. Even more surprising is the comment of possible World Bank support 1H10 considering that India is not one of the favoured countries listed for support by the Geofund. Is it Project Risk Insurance only, or has there been a recent change in that policy?

3. The fact that other North Sumatran wells can produce up to 30 MWe per well from just 2000m depth is really dramatic. The flows and temperatures must be excellent and they really demonstrate the potential of the region.

4. JV partners. For Penola, that negotiations are ongoing with more than one company seems to imply that they are not close to finalising an agreement and an announcement is not imminent. As Tirrawarra is very off-grid the potential partner there can only be the operator of the Moomba field which would have to be Santos.

5. This is the first mention of intended progress on GELs 220, 221 (abutting on south side of GDY tenements).

Here's an idea: Perhaps PAX could contract to supply power to GDY for Innamincka!

We would love to hear of even just snippets of details from anyone who attended the AGM.

Juke