Ann: Completion of Rights Issue, page-36

Red not disagreeing re consolidating with PANR, good sound business case as 88 could never successfully do this on their own whilst drilling once a year just isn’t good enough, so SP would be smashed imo.

BUT can you seriously seePANR doing this, as if 88 again are forced to rush this flow test, or damage the well integrity during flow test or fail to flow, then consequences would be significant and no chance of consolidation imo. It’s a case of 88 needing PANR and not PANR needing 88 imo. Let’s just hope we flow test in Jan giving us plenty of time and SP rallies and we exit and then they can consolidate when ever they like as I will be out.

Timing and positive momentum and multi drilling a year is essential in doing a successful consolidation and given the last 2 drills, 88’s planning has been terrible imo. Hate to see a rushed consolidation and then sitting idle for 10 months, only results in massive losses to those still holding. So yes PANR is our only option in the short term.

Brom agree our neighbours are essential for rallying our SP, as 88 are unable to do much apart from announcing drill date. Higher the SP rises before flow testing the better. Just glad the shortfall filled, was concerned.

As for a directors token lip service of spending only $9k is comical. The rest imo are totally unacceptable of not owning shares especially after earning this unacceptably high remuneration imo. Can’t believe they still aren’t bothered to buy shares on market given our very low SP. Directors in all companies should always lead the way by having skin in the game, it’s disgraceful imo.