Spot valuation 22c, page-20

Review of Head Count

Board needs to be open , they need to tell shareholders how many persons are employed in Sydney.
and what is the total remuneration costs per annum

After PNG was sold management redeployed Kelvin Bramley back to Sydney as General Manager Commercial and Business Development
can understand we needed an executive in PNG however this role is now at an end. he has been with HZN since 2010 .

So instead of letting him go , the board created a New Role for him here in Sydney. Commercial and Business Development
HZN are minor JV partners in 2 mature businesses ,our main role is one of review of the major operators management.

So HZN stated months ago they are looking at many business opportunities, there have been so many sales in our Geographic
region in the past 12 months when the price of oil was around $40bbl... and HZN saw nothing of any value . given oil is now $70 plus
anything out there would be at a premium for sure ..

So i am saying we dont need this fellow ...saving us around $500k

you have got to trim the overheads ...