open briefing, page-3

Mgale,

We've had a good run. I don't expect we"ll spend much time below $3, however not sure we"ll see $4 this year, if so after the FY result, and not much above.

An FID on CH wont do much, already well anticipated. Some "deacon type" drilling on the new Durkin McMahon purchase, now that could take us towards $5, but rather speculative.

I"ll take a Buffet type view on this one, not worry much about the sp, count the divi, and in particular look at the ROR on what the company retains for reinvestment (unlike most of the oilers, who stuff it under the mattress at 6% to pay for future decades of long lunches in West Perth, long after the oil has run out).

EL