Ann: 2nd Quarter Report 2011 , page-3

Disappointing that the TH review has failed to materialise despite promises from Algerian partners. It must be very frustrating for management. I think the quarterly has a little more of a downbeat but realistic tone. I dont necessarily like this but accept this is where the company is at. I think previous quarterlies have been too upbeat, leading to expectations that have constantly failed to be met. I also note that there is no mention of how undervalued the company is and how shareholders will be rewarded (a constant inclusion in previous reports). I sense the company internally was very confident on this project, how it would proceed and how the market would embrace its value. I feel they are learning a hard lesson and can now see the risk, which has been priced in by the market. I note the constant expiry of options and how they were priced in a world away from where the company is now.

Again, kick the goals and we may see some return of value but presently the share price represents the current state of affairs - regional risks, constant delays, management and board issues, etc etc. The company has not managed this well and the natives are restless!.

good luck to all.