Ann: Shareholder Presentation, page-64

Crash, Smoke, and from this AM Timb and POSS on site lease extension,

Also attended Melb and noted - remembered bits and pieces.

- FL Mgt appear completely resolute that this is going to be sorted soon and probably next week. As I have banged on continuously I believe that the gas will be obtained and yes I believe one month extension etc is all part of it, equally so if there is further delays that's it LNG will walk, they aint bluffing. Enough is enough is the underlying message. I can only guess that as has been the case for a long time ,that the issue of gas supply is part of a bigger game involving probably Shell etc. Numerous times we have heard that Arrow are close to supplying one of the big three and then quiet. Now Both Origin and Santos say the ball is not in their court.

Timb, perhaps constructions savings , a desire for PC to have something to show for all of this , and less demanding financial targets in the form of GAS - EQUITY offtakes to perhaps Chinese interests - may get it over the line. Now that would be a glowing endorsement of OSMR considering the whole industry has trumpeted that the will be no new developments IN Aust.

- Interestingly Maurice also made mention that one day maybe more work would be done with Grace HSQ. Aren't the Chinese Engineering Group also fully owned by Petro China ? Hmm - a l way off yet I feel, but perhaps everyone needs each other just a little more now.!!!

- The outstanding US Patent does not appear crucial to FID, with Maurice remarking that they hope to have one portion of the OSMR process under patent in the next 12 months.

- Mention was also made of a ""tornado"" sent by Big Brother across the river in the form of a protest - appeal, to I believe one regulatory body early on in the environmental (I think) submission process. I believe - guess that this may have been long forgotten, perhaps sour grapes and gotten over quite quickly.

- Yes EBITA Will improve due to 3 factors (1) reduced construction costs (2) lower interest rates (not sue if that's on debt or linked to a Stonepeak hurdle. and (3) I cant remember', I also recollect that the Ownership number rising form low 50% to around 60% was again mentioned ( ithink)

- The question was raised as to the continuing involvement of Eddie Sugar Stone Peak. Management are eternally grateful for the assistance of these two parties, but the desire for a future greater % ownership was apparent.

- The support of US Hedge Funds was noted and the part sell down by one several months ago (which got a few nervous me included) was due to Investment Mandates and the requirement for no single stock holdings above 5% or was it 10% of total portfolio. The rise in share price took even the hedge fund by surprise.

- As for Friday past share trading and large accompanying volumes - Smoke summed it up , I also think they are a little SURPRISED and will be looking closely at tommorows share register and finding out who and why before any comment made (if any is needed at all?)

- A nice one - Letters Of Intent for BearHead offtake to tolling parties, In near short term I believe. I take it that's what a letter of intent is - Maurice flew over this one really quick in a real passing comment..

- Support of Nova SCOTIA authorities highlighted, with Maurice giving an example (im sketchy on this again) of a somewhat unacceptable term - provision - requirement in an approval being set aside - revoked in only a single week, They are very very happy with support from the locals.

- Again highlighted that the area has a gas oversupply problem, with the comments that they are selling it a t $2 per million to get rid of it. That cant be a bad problem to have for Bear Head.

- Yep 3rd NA PROJECT 6-12 months

- They are appointing consultants to start (next month) to investigate ways to further unlock shareholder value ie listings ipo MLP.

Apologies if ive repeated anything from before or im rambling (its getting late) and thanks for the ongoing input from all.