Don't usually gat much new from a quarterly but on first quick...

Don't usually gat much new from a quarterly but on first quick read there are some developents:

- Defender pump is now in rather than being installed;

- Tone seems very positive towards additional HAL participation in Magic BUT need 9000' lateral on increased spacing and this required approval. Note net acrage on assumption of additional participation by HAL.

- I agree fully with the decision to keep the Kitty in USDs rather than AUD's.

- FPEC further explained and goodwil remains strong and I like the tone of the message ..... which is an expactation of additional acreage participation.

There may be some more tid bits which I missed on the first pass.

Cheers