Ann: UBS conference presentation , page-4

Hi Lilac

I have wondered why they don't go and get more of MEL whilst the price is depressed - Not sure whether it will be available later if they get their licenses.So I am all for them spending the money.

EGO is another story - I am not sure as it may well need a whole new approach Mel may have its problems but shareholders and management are aligned on most things IMO. EGO could just be a big nightmare - Shareholders up in arm management seem on the face of it not to have created any upside and lots of money spent over many years. Looks like it could just be a headache but at the same time lots of joint things happening and having some influence may be an answer but you could also end up in no mans land with neither management or shareholders really wanting or trusting you at their party.

However what about WCL - I would have thought at these prices it was worth a punt to get a stake even if just to force the players to make a move so that your path is clear for MEL.

I am a newbie to Oil and Gas so am still learning the tech stuff but like in intrigue almost as good a crime series.