I wish I had not taken the time to read the 2009 annual– lets...

I wish I had not taken the time to read the 2009 annual– lets have a look shall we!

Denny Dalton Project Exploration Activity

2008
During the June quarter, the Company in conjunction with its attorney, continued negotiations with the Department of Minerals and Energy (DME) for the granting of license applications lodged on the farms to the east of the initial drilling program. Once these licenses have been authorised it is the company’s intention to expand the drilling campaign on these adjoining properties.

2009
As reported throughout the year, the company has been having ongoing discussion with the Department of Minerals and Energy (DME) for the granting of license applications lodged on the farms to the east of the initial drilling program. The Company has engaged solicitors in South Africa in an attempt to finalise the grant of licenses. Once these licenses have been authorised it is the company‟s intention to expand the drilling campaign on these adjoining properties. At the date of this report and as previously reported, the DME has still not provided the company solicitors with a likely date for a decision on these licences.
Impairment: Due to no exploration activity having been undertaken during the year and the continual delays in the granting of application for adjoining licenses, the Directors have elected to make an allowance for impairment on the Denny Dalton project. The Company will continue to actively pursue the granting of the licences and potential joint venture partners, with a view to progressing the planned drilling programs

Farm-in Oil and Gas Prospects - Maria, Gemini and South Sprint

2008
Farm-in-Oil and Gas Prospects
During the year, Acclaim reached agreement to earn leasehold and working interests, and attributable net revenue interests, in various oil and gas prospects.

2009
The Company was not able to satisfy itself on the terms of contractual documents evidencing the respective leasehold and working interests or on the delivery of good title in respect to all of these prospects and held ongoing discussion, as provided within the acquisition agreement, for possible substitution prospects. In the current economic climate, it was evident that sourcing suitable substitute prospects within the parameters of the initial consideration offered would be difficult. Following these discussions with Benelux Developments Limited, in relation to substitute prospects or possible revision of terms of the agreement, it was mutually agreed to terminate the agreement.

GUINEA

2008
As a result of these frustrating delays, the company is in discussion with the vendors on the potential withdraw from its involvement in these assets in Guinea. Acclaim will seek repayment of all deposit monies.

2009
As previously reported, the company experienced continued delays in obtaining the formal grant of exploration licences within the Prefectures of Mali, Siguiri, Mamou, Kindia, Kissidougou, Mandiana, and N‟Zerekore in Guinea. Due to the length of these delays and the apparent unlikely early resolution, the company advised the vendors of its intention to withdraw from its involvement in these assets in Guinea and is seeking repayment of all deposit monies. The investment in Guinea was written off in the previous financial year.

Operating Results

2008
The loss of the Group for the financial year after tax was $786,462 (2007: Loss - $1,514,344)

2009
The loss of the Group for the financial year after tax was $11,276,761 (2008: Loss - $786,462). The loss for the year includes exploration and evaluation expenditure write offs of $9,055,826 and loss or impairment on available for sale investments of $1,187,558.

CAN ANYONE OUT THERE TELL ME WHAT IT IS THAT THESE DROPKICK ACTUALLY DO? Really what will they invest in next a Nigerian Secured Investment scheme!