Sdaji, good points for consideration.Like you I have seen...

Sdaji, good points for consideration.

Like you I have seen company intentions take longer than first estimated. It seems to be a characteristic of the oil and mining industry. For that reason I have a little more patience.

The matters Yeager is working with are complex and time consuming but we at least know a number of things are happening:

1/ Yeager is changing the drill model to halve lifting costs. Sounds simple enough on the face of it, make some equipment redundant, upgrade other and pay out surplus staff. The later in particular takes time and often involves union negotiation.

I expect the lifting cost improvements may impact q3 but won't be fully felt until q4.

2/ Reserves assessment. Scheduled for late June as part of the fiscal end year audit. This will be a make or break point if, as some suggest, the downward revision is huge. Simarly, if its not the drastic reduction some expect, there will be a pleasant surprise to the upside.

3/ The Woody well itself should be known in the next fortnight. You mention super charging, like all wells this could be good or bad but if good you will have your super charger.Not only in terms of higher production but reserves and seismic prospect selection of the other identified Vicksberg targets.

4/ Debt financing for projects.Both the last quarterly and presentation say progress is well advanced. Given the nature of confidentiality of projects prior to them going unconditional its likely any such project will be announced out of the blue as a done deal. That could happen at any time.

5/Yeager may be fallible as any of us, but hes certainly not your average junior oiler boss. He was afterall the CEO of BHP Petroleum for 7 years. A position that would be fiercely competed for by very competent people. I won't be evaluating his performance over mere months unless something drastic turns up, more like two years for him to fully impact the company in my view.