Ann: Chair's Address to Shareholders, page-5

Yeah, Im not so sure.

The growth has been pushed out again by 2-3 years. The promise of near-term and easy to construct wells and cash has been abandoned for something bigger (although not named) in the future. These very wells were being spoken of in very glowing terms in just the last announcement, in terms of a cautious but steady cash build. These plans have suddenly been swept aside for the sake of grand plans which involve more capital raises. Its all fine and good to be promising the world, but many holders have been on the hook for 10 years or more, and that is a significant opportunity cost of capital (Huon, you still holding?). As least with the Selva wells we could model out the cost and cash flows for the next 2-3 years with Teodorico the bonus. Now we can't.

I get that we have a highly motivated, honest and invested chairman. That is fantastic. But this latest announcement makes me think this is now a different, and significantly riskier company than I previously thought.

I would be very happy to be wrong about this, but it seems there is no reason for the share price to move from the current level for at least the next few years.

I haven't had a look at the rem plan yet. I have no information why it was voted down or what the ramifications are. It is only a first strike, so probably nothing.

(cautiously, still holding)