new ann out, page-6

G28,

Sorry buddy, todays announcment has taken the wind out of my sails.

For the first time I am considering selling as I feel that ELK management has mislead us in believing that that the 2 gas prospects are the company makers. The problem is there is no depth on the sale side.

The only positive that I can hope for is that ELK doesnt farm out Uluru and gets a competitive pressure for Kakadu and all 3 drills paid for by the farm in partner.

Then if the drilling is sucessful in 2Q (Chris & Andy are both positive on this) ELK can get sell down further equity at fair value to fund the other projects without being forced to give it away.

Time to get very tight with $$$

A pissed off DJ