Ann: Investor Presentation, page-2

Wow...very interesting presentation.

Now, we know they are going to re-drill PS2 - I guess that will save money and time as we only have to reinforce the hole and drill through the plugs. Come on, lets bring on PS3.

After that, maybe we can go back and explore Phoenix.

The other interesting part for me was p 16, which suggest we have a total of 365 mboe and the comparative figures from Reindeer of USD $15 boe (cash flow before income tax).

This would give us a figure of USD $1.1 B or AUD $1.5B for our 20% (cash flow before income tax). Note, these figures have not been discounted to present value.

This certainly would suggest we are currently undervalued by Mr Market.

AIMHO.

DYOR.