announcement out!!, page-29

Hello sailor - here I am.

I agree with most posters today that this announcement is a small step in the right direction but still a long way from being the earth shatterer that we need to see the sp back where it was even 6 months ago. Remember the last ann saw the sp crash by 30% - this one sees us up 4%, so still a long way to go.

I have read the ann at least 5 times and have to say that I don't quite share the unbridled enthusism of some others. SOA uses terminology such as "COULD provide a consequential improvement in resevoir quality" and "results have thus far been encouraging". No flow rates yet.

Defender remains shut in pending the workover. No flow rates.

AUS II - Flow rate of 37 BOPD - hardly earth shattering and a long way short of being commercial at this stage.

Gretel II - even though starting to flow, 20 BOPD is still a long way from being commercial. A competitors statement that they are achieving 107 BOPD from an equivalent zone is irrelevant in my view. Not sure what the statement "the equivalent zone does not appear be (sic) prospective in the Australia II well" actually means. I'm sure someone more qualified than me will let me know.

Abercrombie - good flow rates of 350 BOPD however as we only enjoy a WI of 0.75% does not really help fill the coffers. Interesting to note that the company concedes that Gretel "would have been better located to the south and east of its current location in the same structural element as the Abercrombie well". You have to wonder who made the decision to drill there in the first place and why.

Is that negative enough for you sailor?