qtrly, page-40

The life and times of Louise - from no Spud in Dec 2012 to Spud by June 2014



17 Sep 2012
The operator is looking
to spud the well in December 2012.

Sep 2012 Qrtly
"The operator is looking to spud the well in January 2013."

Then twelve months later
Sep 2013 Qtrly
"Louise Prospect (15.3%) - The Company is presently in negotiations for the drilling of the Louise prospect which is planned to commence operations prior to year end.('13}

Plus Reason for delay

"Settlement of the seismic litigation has removed the last legal obstacle for the commencement of drilling preparation at Louise."

3 Feb '14
"Louise Prospect (15.5% WI) – The Operator is presently finalising drilling permits and the well is due to be spud in the current quarter."

Permit granted 25 Feb '14

Mar Qtrly 2014

"Louise Prospect (15.5% WI) - The Company has provided the farmin operator with an extension to commence drilling the well by 1 June 2014"

We shall see.

CH$$RS 815