Ann: Shareholder Update, page-103

Pear,

The Thai asset was on-shore and was Not delivering - it struggled to produce 4000 barrels a day. Mr Market knew about these problems and we were priced lower, accordingly.

If you check it right now, it (the JV partners to our former Thai asset) are struggling to produce 2,000 barrels a day.

Note: 4,000 barrels a day was what Buffalo was producing before the operator shut it down.

Second: our 2C share now is more than 4 times of our share in the Thailand JV,

Third: our current resource is ONLY 160km from Port Hedland, in Australian jurisdiction,

Forth: You will note Quadrant had been trying to sell for more than 18 months with little interests from the market place, until the discovery of Dorado. Then all of a sudden - barely 2 weeks after the results of Dorado came out, Santos jumped onto Quadrant, and others were interested as well,

Finally: IMHO, the speed in which Santos moved and the price paid, is indicative of the attractiveness of the Dorado discovery.