Ann: Update on Wailawi Oil and Gas Project: Director Appointment, page-14

The wording in the annual accounts was/is atrocious, as per the announcement issued 23rd September "The acquisition of CEP is constituted by shares in EOR to the value of AU$ 12.8 million or any such lesser value as determined by the independent valuer". For whatever reason it was not stated clearly in the 2015 annual.

In relation to your comments re the share price and the Vendor. Unfortunately, you are 100% correct. However, I would assume the shares would be issued under escrow, a premium needs to be paid for control of the company, I would expect any independent experts reports to include such a premium. Oh, and the share price needs to have sufficient free float and share price growth to warrant investors attention, so ultimately (whether that be in 1yr or 10 years etc) the vendor can realise there investment.

D: Own plenty

Cheers

Clever1