Yes, papatee, I will give you my reason/excuse for my actions.I...

Yes, papatee, I will give you my reason/excuse for my actions.

I will start by saying that the Precinct, in its entirety, is a disaster should they pursue it. My reasoning is complicated and would take a lot of references to get my message across. That went down like a lead balloon, and geed me up a bit.

I then looked at the Dec 5B.

Not knowing the way gas industry works, particularly in the early stages of development, I took the Report literally, and waded in without in much thought, tweaking some more sensitive nerve endings.

What struck me was the relevant outgoings of $26,420,000. If this were to continue as suggested by the figures, and with earnings of about $10,000,000 per quarter and $25,580,000 already drawn down, and $66,782,000 in the bank,it would need a CR to get to the end of the year.

After reading the Mac Report (the only authoritative analysis I could find) and trying to make some sense out of the posts. I now have a completely different perspective.

I will review my position after the March 5B, but until then, IMO, it's financially sound, at least until EOFY.

I can't offer anything about anything upstream of valve into the pipeline, but I will say that, IMO, while Walyering is producing there is hope. The share price might get a caning during the process, but that's investing in startup companies.

That's about it. J L.