Tension mounting in news vacuum, page-48

Hi Gents

Here is a direct quote from the AGM: Cath: "There are a number of thinner sands we believe can contribute significantly to the net pay (and hence the 2C). The work is complex and ongoing. By the time we start drilling we expect to be looking at a much bigger field than the 330 million barrels booked to date, so  watch this space."

Those sands are currently being analysed: I know that for a fact because one of the FAR geos told me it was slow, complex work.

To be honest, I recall Cath saying the 2C was expected to be released pre-spud, and I recall July/August being mentioned. However, I just checked my notes and I did not record that, so I wouldn't swear to it in court. It really doesn't matter anyway since Cath has since told Mandurah she doesn't want to release results.

So what changed? Circumstances, it would seem ... although who knows just what they might be. The Chairman told the AGM how the key people really needed to keep their wits about them to prevent value being lost so one suspects they are reacting appropriately to what is no doubt an ever-moving feast.

Just an aside ...

I'm an 11.7 cent average. I considered selling my stake to crystallise tax losses and then buy it back (I would think at lower prices the way things look). Decided against it on the basis that I'm seven months into my 12-month holding period and a few thousand dollar tax deduction could be massively outweighed by a 50% capital gains tax discount if big profits happen to come our way in F16. That's not advice, but I do urge people considering selling for tax purposes to take some first.

OOO