Ann: Issue of options to Directors , page-9

To make the ann at the time they did suggests they know it will be contentious...as all director related payments/benefits are.

For mine, the answer always lies in the quality of management because we all know that if you pay peanuts you get monkey's.

I think the BOW management are first class and the results prove it...they haven't just "lucked it" and an inferior management team could have fluffed this opportunity.

So, look at the current management....they have a concise plan which they are executing to a timetable.

In fact they are ahead of the timetable AND the reserves certification.

I can compare BOW management to others in this sector and I think they are at the top of the tree.

$2m each to extract a possible additional $400m in market cap...I think that's justifiable. Certainly it's justifiable by the outrageous standards set in the financial industry!

If I had a whinge, I would argue that the bar might have been set a little low...given the csg valuation metrics and the likely certification upgrades.

BUT...the major point I took out of this ann is the very likely near term T/O possibility. Will BOW have another AGM?