agm, page-7

Just arrived back from Sydney and expected more feedback. I met a few of the guys there, Morebull, Trevor even Roscoe. Didn't get to meet cmonaussie.

I have no doubt these guys can and will give a very detailed account of what went down but I will give it an attempt from my point of view,

Over all the meeting went very well. It started out a bit unprepared or so it seemed to me. Morebull, Trevor and a few others were batting 300 (American term, means really good). These guys are well and truly on our side.

Once question time was over, SG came into his own. Out came an enterpretation of the first 4 wells wirelogs. SG was firing on 4 cylinders. SG explained these interpretations very well and to me explained alot of what the holdups were. Although I can see no reason why we (sh's) weren't informed of these holdups as they arose.

It was about this time SG went into overdrive and told us he gets excited about these things. All the levels with oil, including one with too much parafin which in fact was a major holdup. Not only was it a huge problem, they didn't know at that stage which interval it was coming from. Seems most if not all the holdups have been resolved, hence the drilling of well #5.

Imo, this well (#5) has to be done right and SG mentioned this. Also he stated they have spent more time and money to get this one right.

As for the two Franks, they just survived the meeting by the skin of their teeth. Literally. Only by a very small margin. Although they didn't seemed perturbed at all. I put this down to the IG. I hope these boy's are a little worried. The IG, from discussions with Trevor is still growing, and substantially.

There's a reserve study due in December and SG commented that some of our p2 will become p1's. To me, not sure what to make of that. I'm not an O and G man.

As for a plan, from memory, 3 wells drilled by March? And up to 8 more by next years end.

I almost forgot, SG was saying that they can keep drilling even after the leases expire. Again, will have to get one of the other boys to fill you in on that one.

So from what I got from this agm is that Things are sorted, the first hori will get the ball rolling again and thses guys are ready to steamroll. For me personally, I have a wait and see attitude. "Yea right, I'll believe it when I see it" sort of thing. Especially after the last 8 or 10 months. But I really did like the wire log explaination. Hopefully someone with that experience can fil you in. I certainly cant.

For those that keep questioning the IG, well you will probably keep questioning. Me? I'm behind these guys 100 percent.

I forgot to mention, another one in the IG, Mathew, an extrodinary large holder is on our side. He was also up and batting away, obviously more to lose but seemed a nice guy.

There was alot more said at the agm and hopefully other ones there and IG website can most likely fill you in with more and exact detail.

I am feelling a little more at ease with my position.

All the best everyone, Oh, and the first one I met there was Roscoe, the only one I put on ignore. I'm taking you off ignore Roscoe. Nice to of met you. Friends?

Rickaroonie