I was just reviewing the annual report from last year to check...

I was just reviewing the annual report from last year to check on remuneration. I take back my comment about JB's salary. It was stated for 2007 to be around AUD300k plus some options. That is a very reasonable figure.

I also reviewed the last quarterly again and although I took Pickem's comments about general admin costs at face value without checking, they ($0.81m) too look reasonable in light of total expenses. While overall cash flow was negative, the main reason is the large exploration and development spend ($3.65m).

So I think the only issue that I have in common now with Pickem is the steam injection one which I intend to write to the company about to get some further clarification. I also declare that I have a significant stake in SAE so I do not pretend to be impartial.

regards
DF