Ann: Mareket Update, page-31

It seems safe to assume now that if something is hushed or swept under the rug we should always assume the worst. Take Mereenie North for example. What about Surprise? It must be well below 100bopd by now. I must say I am very disappointed that Santos bailed out of Mereenie North. The Santos stage 2 commitment was always going to be one of my decision points whether I should increase or decrease my holdings in CTP. Now all we have from Santos for stage 2 is $12 mil out of an original $60 mil, and it is only for more seismics. No drilling.

I will continue to have some holdings for the SGB but I can't see any catalyst in the short term to prop up the sp. Unless of course the SGB drilling turn up a nice surprise like a major gush of oil or something.. Unfortunately our very first operated well is already a stuff up.