rights issue, page-25

With 30m rev forecast for 2007/2008 (not factoring in A$ or oil prices) a base of 15c (MC ~ 100m) is reasonable even if no result. The 20%~ new shares already factored in and people naturally taking a 50% gain prior to Oct 2-not an unreasonable straegy.

For me - b payed - and have not sold down as a 1/10 -/5 risk with limited downside does it for me.

Winter appraoching in the north, a few more gulf storms, tough Iranian rhetoric, a weak dollar , global demand 1.5mboe a day > production- all good for the oil price.

They have already stated that each Monday am will be the update unless leaks appear from the rig given what they see over the next 3 weeks and they will ann immediately.

finch