Ann: Investor Presentation, page-7

Working capital would include cash plus net of receivables/payables, it looks like receipts lag by about 2 months from sale to when the cash hits the bank account.

IP for me was very good as profit no's, cash production etc are in line with expectations. Full year Amortisation should be around $1.6m (IE 2 x Dec Number) if out of ordinary impairments??

Key points for me:

• Targeting net  reserves of 466,000 bbls in current portfolio, Louise is 600,000 gross (22% is 132,000 net) leaving 334,000 or if Desiree style wells would be 2 or 3 wells.
• Fully Self funded for 2014/2015 exploration and development

My guess is the other wells are the 2 in the original Farmout announcement in 2012 but that is purely guesswork, could also be another one around Desiree or even around D&L3 talked about.

Current brent price is US$113.62/bbl and production currently 97% oil, WK and Abita imo are mainly gas which is around $4.52/mcf so a free kick for current producing wells which are paid off. The higher gas price could also open additional prospects which were shelved due to previously low prices so something to follow up on later.

Also given a preliminary profit and working capital figures are done shows mgt on the ball - get the financials out the way and concentrate on Louise for July. If market picks up we have a very good foundation and mgt's hard work may finally get some recognition when drilling starts.

Cheers & GLTA