pre-open, page-24

re: dls selling Hi Condor,

At last count I thought they had about $4million. In the past they have always spent more cash than they have earned. So after Turtle purchase and seismic at Bonaparte I am not sure where they stand. Maybe the increased Qld production is offsetting most of these costs....?

Yes I thought their qtrly looked pretty good. Though an issue for me is that I like oilers with near term plans to drill good prospects and I dont yet put DLS in that category.

No mention of farm-out talks at Bonaparte anymore? Always used to get a qtrly report mention but they have dropped that for now.... It makes you wonder what they are up to there.....

Also at Turtle-Barnett no talk of moving to development. The talk more about appraisal wells on field extensions, which seems to suggest there is a need for more reserves....

With the new Shell discovery next door at Canada, I now see it that DLS have three good projects. They are in much better shape than they were 12 months ago.

Still a watch stock for me though.

Rgds
acturtle