Ann: June 2016 Quarterly Report and Appendix 5B-KAR.AX, page-3

So glad you are impressed and we all hope that your sentiments that "good times ahead" comes to fruition before 2020.
The report for me leaves out critical information.
Page one states that "well development costs have reduced by approx. 35%". Page 2 states that the Olinda Star appraisal drilling campaign which was contracted in Dec 2015 is under review.
Then on page 2 we are told that Pacific had again defaulted and the parties are working to resolve the issue.
My questions are :
Is the Olinda Star to be recontracted at a new cost that is 35% lower than the December 2015 contract cost?
Is Pacific still in default?
Given Pacific's parlous financial state what impact does the default have on the appraisal drilling campaign set down for September 2016?
The $23 million projected to be spent this Quarter 2016 ,does this exclude Pacific's share ?
Does this $23 Million reflect the 35% drop in the cost of these two planned wells?

Item 1.23 refers to payments to directors and related parties and related entities etc.
The amount shown for the quarter is $631,000.
Does this figure cover the 7 Directors and their offspring and their spouses and their related corporate entities?
Reverting to the 2015 annual report -directors and related parties benefited in payments and benefits to the tune of about $4.9Million. That is about $1.25Million per quarter.
On the basis that no Director nor any related offspring etc has had a significant pay cut in 2016 , then I suggest the quarter figure of $631,000 might be wrong.
I come to this view on the basis that any son, daughter, daughter in law of any director being paid by the company is an associate of that director. The same applies to related company entities that do work for the company.