text: (v) 
  
  Rental is subject to market reviews every 21/2 years during the term, although 
  the rental may not decrease. 
  
  An independent qualified valuer has determined that the fair open market 
  rental value for the premises is $66,335 per annum for the currently occupied 
  area. There is additional area available in the building for expansion purposes 
  as and when required with appropriate rent adjustments in accordance with the 
  per metre charge derived from this valuation. 
  
  (vii) 
  
  The parties have agreed to execute a formal lease agreement which is to 
  contain all other usual contractual provisions that would be expected to be 
  found in a commercial lease of like nature. 
  
  (c) Unsecured loans of $50,000 had been provided to Slimdrill Pty Ltd during the period ended 
  30 June 1999. The balance of loans outstanding at balance date was $11,184. Interest was 
  charged during the Financial Year at a rate of 6.7%. This amount has since been settled. 
  
  Mermaid Marine Australia Limited is the ultimate Australian parent entity. 