Ann: Weekly Drilling Progress Report , page-29

poshman,

I can't see any AGM presentation released to the ASX, assuming you are talking about the 2011 AGM.

The only presentations I can see refer to this P3 well testing the 2C resources, which by definition are the P50 of the contingent resources. The diagrams also clearly show this well drilling slap into the centre of the defined gas field - not targeting upside.

I'm not saying you are wrong as you presumably are looking at something I am not - just that if what you say is true this is one of the worst examples of corporate communication I have ever come across.

From what is written in the investor presentations, it is more than reasonable to conclude a writedown to the P50 value is the in the offing.