Ann: Appendix 3Y Stuart Nicholls, page-24

I believe it was the Scots and WGO that made the discoveries in the Perth Basin and then ran out of funds. Along came an opportunistic STX with the cash and an uneasy alliance was formed. The rest as they say is history and history depends on who is telling the story. For all the progress that has been made and Walyering "imminent" we closed today the lowest since early April. One could be forgiven for actually believing that such progress would have a positive effect on the share price? Maybe 4th quarter when the dust settles on the TPD exercise? GLTAH.