Ann: Capital Raising - Updated Issue Price, page-14

Interesting times ahead, now that our neighbor Armour has inked the deal with American Energy :

¬ Armour had a greater urgency (IMO) than EEG to ratify their deal quickly with American Energy, given the proposed hostile takeover intentions from Westside;

¬ The Armour deal should push along Empire & American Energy to formalise our deal promptly;

¬ The Armour & American Energy deal has "triggered a deafeating condition of Westside's takeover offer for Armour.... looks like this TO may now lapse;

¬ Could Empire now be the new TO target for Westside ? I think I can answer this question as a "No" .... unless the Empire deal with American Energy falls through.

I'm equally keen to see what transpires with our vast tenements in the Marcellus. Shareholders will recall that when the fracking ban there was ratified, our shareprice dropped from a solid base of $0.14 steadily to where it is today. However, it looks as though we will be allowed to drill there albeit with limitations. Just the start of this story, will be watching with interest.

GLTH