Last Shareholder Update, page-6

While the competitors of LNG were getting no where I am prepared to accept that it was macro factors causing the delays.

Since competitors now appear to be making progress there is no excuse for us not to also be making progress.

My gut is telling me that they are still facing serious issues about the fact that they are not in the big boys club.

Perhaps we are not yet in a sufficiently buoyant macro situation that results in customers, desperate for gas, being prepared to give a smaller player a go.

While we have had regulatory progress in the last year, we don't seem to have made progress in selling our capacity. Its a real worry.