reports are out, page-36

Total clean-out of the whole company - from admin to all the geology (looks like in-house job from now on).

Farmin data room now on hold until EPs re-evaluated and even Wannamal taken off Downunder. Dunnart 2 off the agenda with Black Arrow 1 now the top contender (ERM 52.78% targeting bigger oil and NWE type "proof-of- concept" tight gas. Well Ahjay, a least we now know the Wannamal interpretation timeframe.

Uncertainty about the future cash flows relating to the condensate stripping. This may be their concern about well performance.
GGW1 tested as 50bbls per mmcft gas
RG1 tested as 70bbls(ave) per mmcft gas
Actual 52bbls

I am sure they're flowing from both wells, so I see this as a concern. This is our only source of cash, except for you and I. The perfing of the B Sands could be a low cost solution to obtaining an optimal output of 10tjs. CM said that the B's would not be done until the D sands were depleted. Actual production speaks volumes.

The average of 7.5tjs/day of gas looks like its attributable to the downtime only. The optimum for the plant (relates most likely to the condensate ratio) is 8tjs/day. Downtime of 150 hours out of 2,208 hours is 6.8% less of optimum production.

Now that we have a full quarter of production, my estimates are blown out of the water mainly with the pricing of gas. Not even my recorded receipts from the Gas Bulletin Board of 8.1tjs per day agree with the company's 7.5tj.

I am starting to see a 2015 (calendar year) for the end of tranche one.