Ann: Investor Presentation - E&P Success in the Perth Basin, page-26

Wgo beats to its own drum mostly, relatively low correlation to the overall market. I think we have a good base at the low twenties which is a nice safety net.

I won’t stress too much Bryon, the sp will do it’s thing in the short run, but over the next 6 to 9 months we should see some growth. The fact that the sp is lower at the moment means that there is more upside when we prove up more of our assets.

Best thing about lower market expectations is that it tends to go the other way into overbought territory.

We will see massive rerate in sp once we finish our campaign all things going our way. Even if we meet expectations it should go up because the project will be derisked.

If we get a more stable investor base from instos after we4 then the current price will be a fire sale.