OK. I'll bite. I think you're being a little over dramatic here....

OK. I'll bite. I think you're being a little over dramatic here. 2 directors took up almost their full allocation, but DR clearly did not. Questions to him I think are valid, but not so much to the other two.

If Ophir proceed to drill, they will pay 100% of costs for the the second tranche of 3D work (another 1,000sq km), and pay a further $2m to WHL in back costs. They will then cover 90% of what is estimated to be a $30m drill. So, with the further backcosts if they do drill, our spending commitment is already covered with what we have in the bank.

Correct, AWE has not rushed into the drill phase, and yes it sends a very clear message to other companies. That message is that the development costs of their enormous Waitsia discovery (announced in September) will suck up huge amounts of cash flow to the point where they have to rethink spending on other projects. The comments DR (as opposed to Noske) made running into the original AWE farm out, and running into the Ophir farm out, proved accurate. I see no reason why he shouldn't be accurate this time round too, and his comments are that discussions to reach a free carry on P67 drilling are proceeding well, and should be wrapped up by the end of the year. Remember we are still operator of P67, and therefore cannot be cash called on it.

To suggest DR has little experience is a little harsh. He was previously MD of Exoma energy, as well as having senior experience at Antares, Alinta and BHP. It might be fair to say he's got a finance background rather than a hands in the dirt background, but not true to suggest he has no experience of the business.

Why didn't he raise at 2c? No argument on that one!

In my opinion they presently DO have enough to pursue both current projects if they tread carefully (especially with p67) but they don't have enough to pursue much that's new on top.