qtrly, page-36

Au, Rob Etal

19 Sep "13
"The Company is presently in negotiations for the drilling of the Louise prospect which is planned to commence operations prior to year end.

"25 Nov '13
Napoleonville Salt Dome: Louise Development Well targeting 600,000 bbls oil to be drilled 1st Qtr 2014

But they did not have a permit.

Interim Report for half Year
"The current joint venture with Petrodome expires 31 March 2014."

However
1 May '14

" Louise Prospect (15.5% WI) - The Company has provided the farmin operator with an extension to commence drilling the well by 1 June 2014. The Operator has secured a drilling permit and the well will be drilled from the Desiree location pad."

It was Petrodome who got the Permit 25/02/14.

Mar Qtrly '14

"The Company has recently received the reprocessed Napoleonville 3D volume from Petrodome.--- this work to identify up to 3 targets for drilling this calendar year."

Why it's called the "farmin operator" I don't know ,
seeing that the "Current Joint Venture " has expired.

A revised JV perhaps ?

Hope this is helpful. There has been a long wait for
a well to spud and the reasons are not clear in detail.
There is no mention of who the JV partners are and who
will be involved in the three promised wells this calendar
Year.

CH$$RS R15