Ann: Block 9 Alameda 2 Appraisal Update, page-320

I don't just read announcements but I follow crude oil prices too. I don't just cut and paste Googled articles as you have done above. Do you know that the current differential is around $11 a barrel ( around 13%) Did you know that Petrochina has developed the technology to more cost effectively process heavy crude for gasoline? Heavy crude is certainly not the 'dead asset' you paint it as. I also note MAY have found considerably more of it than they previously thought they had.

While 75 % of crude currently is used for gasoline, which I agree is produced far more easily with light crude, this figure is rapidly diminishing as alternatives fuel sources to gasoline are being preferred, used and developed. This will only grow as environmental concerns rise and many countries including yours and mine have agreed to reduce gasoline usage.

You for example speak scathingly of heavy crude being used for asphalt. Have you even bothered to look at how much asphalt is being applied worldwide or any of the other uses that ONLY heavy crude not light crude can be used for. Your research is simply sloppy or nonexistent but what offends me the most is your past pumping and now dumping of this stock. As I said I just hope Australia's regulatory arm will look at your trading history to see if you have profited from the 'advice' you have given. Hopefully the courts will do more than they did with the first case they took under the new legislation earlier this year where they applied a sentence but excused him for " good behaviour"