Ann: Update on Remus Proposal and Woodside Sale, page-230

Shares can be sold off-market … imo, either the major SHs don’t want to sell or more likely they can’t get the price they want - either from existing SHs or some other investor. The only way the major SHs can recover/protect their investment to date, is to T/O the company including the Sangomar interests … but they’re not going to pay much because they’ve already sunk in too much. If Sangomar WI is sold, imo, the major SHs will push for the appointment of an administrator so that they can get some cash back before the sale proceeds are depleted. Imo, a T/O (by anyone) is the surest way for SHs to salvage the maximum possible amount. Smaller SHs possibly could have salvaged more if not for the ASX suspension.