Ann: March 2011 Quarterly Report , page-12

Allan,

I need to better be able to correlate their cash costs with production vs reserves growth before I can even start to regain confidence.

Also I guess I am now very wary of all the P2 in the volcanics story, really only having confidence in the P1.

I'd like to see an independent reserves report from a fresh crew, with some discussion that's not too technical but covers the risks and the economics.

I am down about a third on my average atm, putting it down to experience atm, but nothing says I could make a better informed buy decision (adding more) at this stage than I did when previously buying. Already done one big average down in the past big dip into the thirties, just not game again.

EL