flooding update

As the flooding seem to be driving the SP movement at the moment I thought I would try to shed some light on where we are at.

It seems that the major road into Innamincka is Innamincka Road. This is currently closed due to flooding at the Nappa Merrie crossing over Coopers Creek. See latest QLD Roads update here:

http://www.racq.com.au/benefits_and_discounts/road_conditions/south_west_qld

The good news is that the flood waters over this bridge are classified by the Bureau of Meteorolody as falling and are currently only 0.48m above the crossing. See latest update here:

http://reg.bom.gov.au/cgi-bin/wrap_fwo.pl?IDQ60295.html

Given the weather outlook is improving with no further rains due, the level at this crossing seems to be dropping at about 0.5m every four to five days, so the crossing and the road should be opened shortly.

As the SP is currenly churning at 0.58-0.65 it seems that we may have found a bottom, and should hopefully look forward to an increse back to fair value once updates road access is announced and the major shareholder who is lightening their position has finished. I would expect a change in holding notice shortly to confirm this.

Thanks

If anyone has any further details please feel free to update.

Thanks