Ann: Ceasing to be a substantial holder, page-4

I have raised these points with a few colbalters inanother place, thought it useful to raise here, all in the public domain sonothing new, however very important points. As explained travellingright now so hard to put a hand on all info.

A definition of Manager is provided in the JVA -Theperson or entity named as Manager in the Reference Schedule, the same Schedulewhich contains NO reference to Manager requiring unanimous approval. A furtherclause (I can give actual clause numbers for all this later, only have my noteswith me) states- if a new Manager cannot be appointed and act immediately, theJoint Venturer holding the largest Joint Venture Interest MUST act as theInterim Manager until the new Manager is appointed and commences its duties.

I have further comments on specific clauses in the JVAwhich address both Drilling and Dilution. IMHO this adds weight to myunderstanding that I have enough information to decide on the balances ofprobability, awaiting the results of the determination which I suggest should followingthe JVA to the letter.

I will dig out the other two bits later because theyare important, you will find it all in the published JVA that COB provided viaASX announcement.

Different issue - I was satisfied in the sell downfrom what was a prior significant holder.

Cheers

Phil.

p.s. my caps & bolds.