Time to Fix EGO, page-21

Hi Shrewd Crude,

I slightly disagree with you about your statement of being a good idea of the divestment of the Canning Basin. I personally would have liked to still see the Canning in GOs portfolio. You say the Perth Basin is in the top 10 of the world but you forget or do know that the Canning Basin is the top 5 if not the top 3 of the worlds O&G fields. There is a huge article on this if you check it out. The trouble is it is so remote, lacks infrastructure to forward it at any pace. Look at BRU and their success.

EGO never really had the money to properly utilize their holdings there. If so it was squandered . Proven wells that needed workovers to feed their production plant up there were never done. Seems the revue that could have been gotten was an insignificant factor to someone on the board in those days. Check out the Kora 1 well. Even had a gas deal done but never implanted. Interesting history up there and it could have been anything. Maybe what they wasted on the Carnarvon Basin could have got some of the Canning up and running with much needed revenue. To much acreages in 3 basins but never enough money to explore properly and a great history of DUD wells.

HA HA, remember the shady deal to pass off the Canning, now its being run the same way as another family member did, no money and again lack of exploration to prove it up.