re: junior oilers 16 february for bg Agree withy Blackgold on...

re: junior oilers 16 february for bg Agree withy Blackgold on Arq-excellent management-The cashflow is very good as they get the net equivalent of Brent once costs paid-The debt facility at Rothschilds is sufficient apparently for their extra holes-they wont need to go to market. The good thing about Arq is the directors are4 also major shareholders so it is in everyones interest to keep share structure tight as they have done.

Tap is also now worth serious consideration as Banjo coming up after Perth Basin and Woodada comes on stream next month at 35000bopd- Euroz still believe they will make a 22m profit this yr and more next. To get serious traction though they need to have one of their own wells to come in-Banjo would be agreat start-notwithstanding that they are undervalued. Tap has been sold down mainly7 due to an overhang on one insto-they appear to have now gone-Interesting that 3 majot instos hold over 35%.

The interesting pt about Mentelle also is that the seismics over it were poor apparently so pre-drill estimates were more guestimates-the word on friday was that it could end up being as big as Cliffhead once stepouts were done-let us all hopeso.