half year earnings guidance, page-6

Hightrax,

Aussie catching up fast. Was reading OGJ recently, csm may have peaked/plateaued in the USA, both prdn and reserves. Qld reserve ambitions looking to exceed current USA 2P.

For AOE the interesting thing will be how much footprint they get in India, Indonesia and Vietnam. They may make a decent business in China, but my bet is that they will never make it big there, too much competition, and too many vested interests ensuring the foreigner doesn't get the cream.

I am liking the north Qld story, believe that a LNG story (if not the LNG story) will come good for AOE - would be good to see some cooperation. I also like the International expansion. Below 225 I could be a buyer again, but hopefully this is unlikely.

EL