agm update

Hi all.

Attended AGM today along with about 40 other interested souls.

Most holders questions were probably answered by the 2 announcements today and little was added at the meeting.

Resolutions were passed, followed by DP's presentation that was later posted online.

The most pressing question on most peoples lips was regarding flow rates from Tahara and again this was mentioned in the report this morning. From what I understand, they need to pump out around 1/3 of the 70,000 barrels of frac fluid before things get really interesting. 1/3 of 70,000 is about 23,000 and they have already recovered 6,000 in 72 hours or 3 days. that leaves 17,000 at 2,000 per day, so perhaps another 9 or 10 days. Please note these are just my estimates from what I heard and pieced together so they should not be taken as gospel. Maybe earlier or a little later. Seems tomorrow might be out of the question!

In the mean time Abunda will be completed as soon as the rig is in place. This can apparently happen while Tahara is being production tested.

3 wells to be drilled in Noble on separate pads using the bigger and faster KAL drilling rig which according to Perry Gilstrap who attended, can drill these wells in as little as 15 days if all goes to plan. Possible JV with one of the bigger players in these wells with RFE having the controlling interest. No detail provided in relation to this.

Still accumulating acres in preferred areas and this will continue into 2012. No current acreage figure provided but may be in the pipeline so to speak. Again my interpretation of events and not to taken as gospel. Cost of acres is increasing, again I don't have a price for them.

Tenor of meeting very positive with no angry or disgruntled shareholders. And if they were they kept it to themselves.

Jon Bishop from Euroz was there so we may see another update from them although more likely after Tahara reveals its riches.

As I mentioned at the start, the announcements this morning pretty much covered what was discussed at the meeting.