David presented at the ASX conference this week - we are on...

David presented at the ASX conference this week - we are on target for 15 wells by end 2012 and looking at another 40 next year. There is no pressure to raise additional capital as at least 20 of those wells next year we could drill by re-investing our own revenue therefore the current financial turmoil and concerns over other company's ability to raise cash is no concern here. Unless the share price was CONSIDERABLY higher it sounded more likely that we would take short term debt financing to drill the extra wells rather than further cap raises as with then close to 60 wells producing it really is a short term facility required. So ladies and gentlemen it really does look like a possibility that anyone that wants to get a piece of rfe now has no choice but to buy on market.

Abunda was asked about and it is still being pumped - was explained that by the nature of the business at the moment with only a couple of producing wells it is essential that they do every stage of the drill/frack and extraction at the most conservative pace as the risk to the company of having a problem with a single well (when you only have 2) far outweighs the benefit of getting a flow rate out quickly - of course once 10+ wells are online that risk is minimised as only 1/10th of production is effected rather than half. This coupled with the massive infrastructure put in place during the first half of the year means we will see a significant increase in information coming to the market during the second half.

Still targeting 100,000 acres with much of this increase now coming through pooling and spacing.