trying to remain upbeat, page-23

Hi 618

At the Perth AGM I spoke with HDR's analyists they were unsure, because of the large recent buying and selling spree, of the current institutional holdings. However they were as interested as the rest of us and on a monthly basis review any changes.

In talking they mentioned that they have "models" of all feilds, including unexplored areas, used to assist when in negotiations with production agreement fesibility etc to see what will, and just as importantly, what won't work . These are updated when new data becomes available or other variables change.