april is important, page-23

Hecto,

It does feel good when we have a win and I am in front on a couple of my latest investments, FCL and MAE. FCL I have average down from 66c and now have an average cost of 30c so I am now in the money on this one (2nd largest holding after ELK).

The reason why ELK is my biggest holding is in line with your thinking around integrity of management. One of the reasons why I have averaged down is that I have spoken with the directors at AGMs/offline and I believe it is easier to determine a persons intregrity in person rather then through ASX annoucments. Plus it adds to their credibility when they also buy on market.

The only short term production increase we can hope for is the UpperSands / Grieve injection well sheduled to be drilled in April. Other than that the gas plays will take some time in bring on line if in fact there is gas present.

Good call on the MML and KCN and good luck with your future investing as there are lots of mispricing opportunties out there.

DJ