Capital raising .... negative impact of Bass gas delays...

Capital raising .... negative impact of Bass gas delays resulting in getting no cash flows and having to find money to pay for all the developments.

However, if oil holds around current level AWE could be making substantial cash from Cliff head (first production first quarter 2006) and Tui (first production first quarter 2007?).

Also second generation of developments already outlined with Henry and Trefoil discoveries, two very nice tie backs for Casino and Bass gas respectively.

Capital raising may put pressure on share price short term ... probably already has ...

Longer term, in six months time we should have three projects in production and producing very nice cash flow...