Ann: Quarterly Investor Update, page-2

A marked slip from the 4th quarter, given some of it expected as some revenue was booked early and thus lost from this one. That said, what's disappointing is the large slip in rig utilisation and correspondingly the number of shifts and no commentary on this (contract losses?). If they can't get those rigs working then they need to sell them and use those funds to be buying back equity. Not sure what Nathan Mitchell considers "full utilisation" because 75% isn't anywhere near it. I'd implore him to comment on this in context of wider market conditions. I don't care much for glorifying the good stuff and sweeping the ugly stuff out of view.....good management don't have to do this....they're open and honest.... these guys could do far better in that respect. Nathan.....I hope you're reading this.....

Still good cash generation and though early in the financial year if they can at least maintain these numbers then I'd be expecting cash returns to be at least what we received recently paid biannually.

This still isn't running at where it could be (yet). In the meantime please crank up the bloody buyback.