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              [html]<thead><tr><td>Memade Matine male great progress during the year to With Jone 2001, even though transflicted low levels of activity in the North Wort. Prospects over recent months have rap</td><td>Significance our buines within the triangle of ol and gas reserves found between Timor, Exmouth</td><td>Darvin, is proven and has become even more relevant.</td><td>Rich in gas, the region is rapidly becoming Australia ' s powerboxse and the focus of new reso processing industries. In a statement make in only August this year, the Shell Comp</td><td>identified go as that Companyl premier future fuel, due to high environmental qualificat and portability. The Federal Government, also recognising the environmental advantages of also</td><td>has identified that liquified natural gas in particular, as a prembouse solution rather the problem and has effectively exempted the gas industry from Kysto protocol notraints.</td><td>Wodsde Persleum has annoanced the signing of Memorandums of understanding substantial gas contracts to a range of companies planning to establish their production in</td><td>Pilhara. Ar the time of writing this report, firm Letters of Intent were also foreshadower substantial increases in LNG production, specifically to Jugun and prospects are high for fur fur</td><td>export sales to China, Singapore and India.</td><td>Providing marine support for such expansion has been our principle source of earnings. Memaid will enjoy a larger and more diversified income stream once development of the has been diverseline.</td><td>revolutionise our Company and drive significant changes in the way offshore produces serviced in the North West of Australia.</td><td>Coinciding with a start of Base construction, we were successful in attracting Mt Mark Bra formerly Managing Director of Clough Offshore, to join us as Mermad ' s Chief Executive</td><td>reported by the Age newspaper, our new Chief Executive has put his money where has mout offering a personal investment of S2 mullion for equity in our company. Mark has has has has has has</td><td>extremely successful cancer with McNemorts and Clough Offshore. He will now drive development of a much stronger enginoeting capability at Memaid, through which, whetherheatherheather encoures enginoering capability at Memaid, th</td><td>joint venture or alone, we intend to be more closely involved as direct participants in N West Shelf work.</td><td>Immediately following Mark Pradicy ' s decision, his old employer, Clough. Engineering, expressed a desire to become a shareholder, subscribing 33 million for new equity. The influe that the direct involvement of Mark Bradky and Clough</td><td>furture should not be underestimated. At this time when we welcome Mark us a Director shareholder, we are also pleased to amounce the appointment of Mr Richard Red, find, find</td>
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