cheap, page-12

hI ALL

Spoke to Tony Brennan today regarding descrepancies with valuation. The analyst who gave the initial valuation (35c) did not contact the company for any information. As a result he ommitted several pieces of critical information. Tomohawk contacted him after the release and offerred to provide all necessary info; hence the revised valuation with such variation from the first. Needless to say the directors were not too pleased.

When I quized him if he thought that the current dip in price presented a buying opportunity he stated that directors would not provide 'advice' but he reminded me that he bought 25000 shares recently at 89cents.

I also asked what the annualised revenue will be once the latest wells come into production. (At present, with first 6 wells producing, revenue is $2.5 million per annum). He stated that each future well that is brought into production will be worth about $1million per annum in revenue. Costs are very low so revenue will continue to rise significantly in future as more wells come into production. The increase in revenue for these wells (compared to those already producing) is due to the increased ownership (100% I think) of all wells drilled in 2005 and beyond.

Hope this helps those that are interested. After selling most of my THK around $1.30-$1.40, I topped up my remaining holding at 83 cents. Future looks bright with 100% success rate with drilling, money in the bank, increasing revenue stream, low running costs and expenditure, and more exploration potential during 2005. I'm happy to hold for the medium to long term.

Cheers

Doyle.

P.S: Not sure who crossed the shares this morning!!