magee stats, page-5

The question of Helium was raised at todays Melbourne meeting with RC. His view on Helium is that in low quantities its a problem not an opportunity as it effects the gas quality. Quantities need to be large enough to make the costly separation worthwhile. I did not get the impression that Helium is top of his list because of the effort involved. He mentioned he was not keen on reinjecting gas back into the ground which makes sense as your 6% becomes 5% which becomes 4% dilution as you go. He also mentioned that getting a reading of 6% Helium from one well does not mean that it is consistent throughout. So I suspect he will be spending his time on easier cleaner targets.

I was please to see he had a vision on how to make the company profitable, other peoples skills and other peoples money seems the most practical way of trying to reap any benefit from 63million acres in my lifetime. He hoped to have Surprise reserve estimates in around september and to have at least one JV announced around that time.

He thought most of the CP issues had been resolved or were being resolved.

Was positive and credible.