major shareholders, page-12

After a little more research, the position has become more clear to me.

In 1998 Lowell Capital was listed in the top 20 holders of MPO with 2.7%. Peter Mitchell also held 2% of MPO at that time.

In 1999 MPO agrees to purchase Lowell Petroleum NL from Hendong Energy Inc. (formerly Lowell Petroleum Inc.) and also make a bid for Yak 50 Gold (refer to announcement dated 15/7/1999). MPO scrip is used as consideration for both offers.

Then after the issue of that scrip (in September 99) Stephen Mitchell and Richard Haren are appointed as directors of MPO. At this date Lowell Capital (another Mitchell company) becomes the largest holder of MPO with 5.68%. Peter Mitchell also holds 2.2% and David Hobday holds 1.65%

By 2000 Hendong Energy own 19.46% of MPO (I presume as a result of a further issue of scrip as per 1999 agreement. Stephen Mitchell in top 20 with 3.1m shares (1.83%), Wally Borovac also there, Lowell Capital still there but in percentage terms down to 0.69%

By October 2001 when the next top 20 is released the large holding previously held by Hendong has dramatically reduced, however I suspect that some of the other companies listed in the top 20 are related to the Mitchell family.

By 2007 Stephen Mitchell?s holding is reduced by 2m shares.

Lowell Resources fund is on the register. That fund was referred to earlier in this thread.

Lowell Resources continue to reduce holding in 2009 to just over 1m shares.

By 2010 Lowell Resources is no longer in the top 20.

Lowell Petroleum NL is still a 100% subsidiary of MPO.

Without having done any further research, I think that Hendong Energy Inc. must have been another Lowell Group company whose only relationship with MPO was its major shareholding via the sale to MPO of Lowell Petroleum NL. I do note that Hendong is referred to as being Vancouver listed.

Hendong has not maintained its shareholding in MPO, but the director (Stephen Mitchell) who was appointed as a result of the purchase does remain. The asset that was acquired from Hendong, being Liulin, has also since been sold.