Ann: Presentation - Sale and Investment in the Amadeus Basin, page-6

"Pilch"

It is worth selling the gas you have when you have gas within the portfolio that isn't recognised in the share price, ie is Range. Remember when the drill results for it came thru' and the share price moved to around 23-24c. That was appropriate at the time & now however the share price languishes at half that. Do you really want to CR at sub 10c? You're going to destroy future returns on equity for current holders in doing so. Av A raise at what is arguably very heavily discounted equity and you permanently impede future share price appreciation. They need cash to progress Range .... that's as near a sure thing as you get and it's value is not currently recognised. And it's bloody valuable.

The current deal at least puts a line under the value of the producing Armadeus assets even if the market hasn't responded. Do that again with Range & it will or sell it to Incitec to realise underlying value. If the share price doesn't respond then, by all means sell off all the assets and return proceeds to shareholders. Everyone knows the assets are worth far more than the share price suggests.

It's clear you hate the Board. I don't, they're finally doing what they've said they would. They're providing a time line to expose the value within the asset portfolio and so far sticking to it. If they keep doing it the share price will respond. And finally, the (now halved) cash flows from the legacy producing assets are still sufficient to cover the (now almost halved) loan facility with Macquarie & cover corporate costs. The company hasn't been in a better position for many years.