AGM wrap...

Good afternoon everyone.

Just returned from the excellent AGM where around 50+ attended.
Keeping in mind that I am no geo, I will recount the best I can in a very "Joe Average" kind of summary. Happy to be corrected by anyone else who was there and who understands the industry better than me.

My overall take is that we have an extremely level headed, conservative, thorough and methodical team.
All the directors contributed to the presentation depending on where their expertise lay.

I am also pleased to say, Ted was voted back on with a cry of "here here" from the crowd.

So in no particular order and in dot points:

* Results from Phoenix are still up to 6 weeks away.
* Adrian refused to speculate on what may be found but when asked what sort of number would excite Apaache, he said he didn't know but that 'break even' was around 29 million barrels.
* Roc is aiming to be drilled in H1 2015.
* BP drilled Phoenix in 1980. Found the good stuff. Thought it was wet gas but didn't have the equipment we now have to test it.
* Having pulled out of Phoenix, BP were still so excited about what they found they drilled P2 but without the luxury of 3D seismic. Buggered it up and missed the sweet spot.
* Roc is 500m shallower to drill, so faster and saves a bucket of coin in the process.
* No cap raising at the moment but that could change depending on Phoenix results and forward programme.
* The area of our Phoenix licence is like driving from Perth to Dunsborough long and the same again wide. Now that's some serious acreage!!!
* The whole area is massively underexplored.
* The investors that Adrian is hoping to bring on board are NOT via a placement but from on market purchasing. They have not started yet. Largely waiting on Phoenix results.
* Adrian said that being taken over too soon was something he "worried about". When quizzed on a satisfactory price he said "well would you accept 80c?"
* I asked if there had ever been a company who had made a discovery and NOT gone on to be taken over. He said yes....Woodside.

I left the meeting feeling very satisfied with my investment and thought to myself:

We are in very, very good hands.


Gottalovecvn...