Final Report - Onshore Inquiry, page-9

Unfortunately Lakes needs new board, new management and new direction. It is a shame the recent board spill didn't happen.

Rob Annells has missed the boat. The Lakes website clearly states it is an "unconventional oil and gas company". Obviously Rob thought he could attract interest, new shareholders and money with the big unconventional revolution several years ago. That didn't work. Instead he has only attracted the negative sentiment that unconventional exploration has become. He has single handily made "Lock the Gates" strategy so much easier against all operators in Victoria. He is now standing up saying we want to "drill conventional wells". Is Lakes Oil conventional or unconventional? I'm confused and I'm a shareholder. Surely shareholders must see that Rob's time has past. Our money is going down the drain on a daily basis. Our share holdings have been diluted every step along the way. At least the Armour Energy guys have been a able to attract interest and get some money in.

I can't believe that some are holding the government totally to blame. I don't like the drilling ban either, but how did we get into this position? Rob Annells unrolled this strategy for the company. When will his hand go up to say "I am accountable"?