Ann: Triangle Farms Out Permits L7 and EP 437, page-20

Oh yeah there is risk for sure, but thats when you put your big boy pants on and sack up and play the game.

We have a CCS project in the works which if anyone listened to CE from MIN last week was very focused on lower carbon footprint CCS would work wonders for that. We have 10% shareholding in GAS in JV with SANTOS, and we have two permits one right on the fault line which has some very solid estimates at the moment with Seismic due shortly. If they seismic looks good like they keep saying then when that is fully here and complete surely thats the time to test the market on a JV drilling partner and try and do a deal.

When you do that deal you entertain the majors as well as the minnows but the minnow has to make it attractive to even be worth consideration as a MIN or Gina or Twiggy or BPT ( all of whom are want to be players in Perth Basin) would be able to fund the 50-80mil for the well drilling in its entirety, then they also have the size to buy out the project if all proven up.

You cant tell me if we hadn't waited got all the seismic in, redone the resources and then gone for a JV partner we wouldn't have got a deal like the above, where all the drill costs are covered. And if that was the deal done with BPT or any of the others our sp would have flown. Instead we've shorted ourselves, are effectively going nowhere and have burnt our capacity to get a major JV deal done.

To engage the big boys you need someone with some presence, to go with the data and some negotiation skills to get it done. Not someone that struggles to get his shoelaces done.