Hi,The Broker's Presentation (released at 6:06pm on 26/09/08) is...

Hi,

The Broker's Presentation (released at 6:06pm on 26/09/08) is available from the ASX website (and should also be available on your online broker's platform).

I attended the presentation at Baker & Young last night and can confirm (what other HC contributors have said) that Merrill Gray is very approachable, knowledgeable, enthusiastic and I believe genuine person. I spoke with her both before and after her presentation. I didn't ask Merrill for any specifics about the projects, nor would I expect her to provide information that is not available to other shareholders via ASX announcements.

There are a number of things us shareholders can look forward to over the next 3 months.

* Their published work program is on track, which is encouraging.

* Merrill is very focused on getting the JORC compliant resource estimates out ASAP for Clinton, Beaufort and Whitwarta (to be released progressively during Oct/Nov). They have a non-JORC target of 1410 million tonnes on these three sites based on previous drilling, so hopefully this will be confirmed soon.

* Tenders for 3 water monitoring wells have been called and are due to commence soon.

* Merrill is currently doing the broker roadshows which will hopefully spark some interest.

* They are also concentrating on off-take agreements for the various products e.g. premium diesel, sulphur, other chemicals, vitrified solids (for roadmaking) and potentially desalinated water for northern Adelaide (the last two I was unaware of!).

* Continuation of the Gasification Testwork and financial modelling.

* A Pre-feasibility Study due for completion on 20/12/08.

Once the above work program components are in place, GLX will be commencing the BFS and looking here and overseas for JV partners early in the new year.

GulfX will be changing their name to Syngas to better reflect their company focus (I would expect at the next AGM).

My thoughts:

The Adelaide Plains lignite deposits are ideally situated
e.g.
* Very close to infrastructure (railway, Sub-Power Station connection, gas pipeline).
* They should have much lower cost of production (very close to a workforce, suppliers, markets). No need to build large infrastructure to support the project, towns, roads, power lines, transport issues, no fly-in, fly-out operations).
* The by-products should have a good market.
* They are likely to undertake strip mining i.e. dig-out the coal and backfill as they go. The land can be returned to farming and soil improved during the backfill process, rather than leaving a large hole in the ground.
* This operation should have a competitive advantage over more remote sites undertaking CTL processes.
* The potential for providing desalinated water to northern Adelaide also sounds promising. The SA Govt. have been talking of building pipelines across Adelaide from the proposed desalinisation plant at Pt Stanvac and connecting with the reservoirs in the Adelaide Hills. This could prove to be very expensive, so this project maybe a viable alternative for the northern areas.

Based on the company valuation of Blackman Resources when they first announced the Scadden deposit (Share price x shares on issue / 654mt brown coal resource = $0.06/tonne in situ) GLX with potentially 1410mt (+ Moorlands) would have to be worth a lot more than 8 cents per share.

As always DYOR!

Good luck to all shareholders.

Cheers,

GrayNomad