Ann: Quarterly Activities Report, page-10

It is another splendid result. As we are not, I think, the operator of any of the income-generating operations, we are essentially a passive investor and junior partner in a small, but highly profitable group of oil and gas joint ventures. Our board deserves to be congratulated on its investments. But we have now arrived at a situation where there is at least ten million dollars more in cash at bank than our likely capital commitments later this year. By which time the bank balance will probably be very substantially higher. This raises the question whether it is time to pay a modest dividend. Say, one cent per share. That may not be what the majority shareholders want. But the directors' duties are owed to all shareholders. The time may be approaching when the retail shareholders should get some legal advice as to whether they have anything to complain about.