quarterly report, page-5

The Quarterly Report is a summary of the previous ASX announcements so that we should not really expect any new information. That is the case with this one.

Clearly, Terry Kallis will be negotiating with various parties for funding to satisfy the ERP grant conditions but he cannot say anything until he has definite signed agreements. His comment that he is ‘confident’ that the grant conditions can be satisfied gives the big hint, as also does the statement that next stage of works can commence later this year.

This does not necessarily mean drilling. It is only after having the signed commitment term sheets in hand that a drill rig can be booked. Since the great depth will require a very robust rig, the available range in Australia will be very limited, thus likely to further extend the commencement date.

Saltocan, There was no new information in the Q. Your optimism knows no bounds. GDY’s successful power generation added only about 50% to its SP. On that basis completing PAR 3 should yield a PTR SP of 4.5c.

Benny, TK will have to keep wining and dining even if he is sick of it. It happens to be the normal process of encouragement and negotiation with other parties. Don’t expect any immediate news.

Juke