Ann: North Maroon DW1 Drilling Update , page-11

G'day Mav. As at 30 September we had over $14 million in cash. Until this well, we have done nothing other than those (yes, expensive) running costs. They have MORE than enough cash to fully test this well.

And, after all, they are an exploration company, only a couple of months ago we were all complaining that they were doing nothing, now, they shouldn''t do anything as it might cost us some money??? Damned if they do and damned if they don't.

This well HOPES to find oil, not just gas, which, if successful and confirms the seismics, will bring near immediate cash flow and totally reshape this company.

The seismics "show" a potential of 7.3mmbo and that is using a VERY conservative 15% recovery factor. Mav, from the evidence that has been revealled from drilling North Maroon so far, they have NO CHOICE but to go all the way necessary to explore this prospect.