re: Ann: Chairman's Address to Shareholde... Ravi, I believe...

re: Ann: Chairman's Address to Shareholde... Ravi, I believe that Mr Ryan had plenty of inside knowledge about Lakes. He has visited drill sites, enjoyed LKO hospitality on several occasions and was considered a 'friend' of the company.
Lakes, after having spent $80 million on finding the gas in Gippsland, were only informed of the moratorium on the eve of the day that it was imposed by the Liberal/National Government.
It seems that a one seat majority, a council election, the emergence of the 'shut the gate' green group from QLD in Gippsland and a complete lack of understanding of LKO activities all combined to deliver this stupid unilateral decision.
Mr Annels also reported to the AGM the difficulty that the company was having in dealing with the Victorian public service. He cited an example of where LKO had sent an application to the Department for permission to conduct a certain activity and it took the beauracrats 1 year to acknowledge the letter, and still no actual response to the request! This apparently happens regardless of the denomination of the party in power. As I said before, Victoria is 'Not Open for Business'
Sounds like a very frustrating game we are in that requires extreme patience.

On another issue, I am not certain that the progression of the Yallourn and Otway drill plans is dependent on a successful current capital raising. Do you have a feeling for this?