Ann: Open Letter to All Shareholders , page-60

I see it this way -

I have watched with intent for over 12 months. Pressed the trigger and started with a small position in Oct and have gradually increased my holding - with very limited risk in my view considering this is at the lower end of the market.

Strategically from what I can gather he so far has not engaged IG which I and others expected weeks ago.

IG have a solid following of at least 350 million and growing with a fair few uncommitted swinging voters which if I was in his shoes would consider worrying to say the least.

So far he he is stonewalling IG - Why? This ultimately will strenghthen IG who will capture the swinging voter.

To take this approach without some combination of side 1 would ultimately destroy his credibility. Why persist in this manner when a round table a couple of seats a talk fest on funding and we continue on our merry way.

So a combination of SIDE ONE with JV announced followed by the updated and possible early release of the Drilling and Production Report.

(Sorry acreage very rushed due to prior committment)