when the market wakes, page-32

Same thinking here Ya.

The gas saturations comment was not just off the cuff, DM was adamant that significant gas was encountered all the way to TD in Plover.

MEO indicated in Heron Progress Report 10, and later shown in the AGM tech presentation that, "... Cut 12.6m core from 4,346m to 4,358.6mMDRT and recovered 10.3m to surface".

eni actually have a 10.3m core from the middle of the 115m thick Plover. Given eni has decided to test this zone, eni must see sufficient commercial potential. The sequence of DM's comments was interesting, as after he laid out no GWC, high gas saturations, large reservoir section, large structural closure, he wrapped it up with, "this as good as we could have expected pre-drill".

In terms of H-1 and thick Plover, I have no doubt that this is where eni will commit to drilling before the year is out (to coincide with B2 commitment). Just to make sure I am not mis-leading anyone, eni have not committed to more seismic at Heron, this is just my expectation. I am very confident that they will as it will be useful to better understand how all the fields interact.

The 6-legged dog has a plan, they must given how much they want to spend, and the subsequent comments from STO and change of heart with regards to divesting BC suggests they got a whiff, just after eni stumped up the cash for ES.

Breakwater indeed is shaping up really nicely. It sounds as though groups have already gone through the data room, and remapping of Marina is indicating that the structure is likely to grow (resource estimate was conducted before the new seismic). MEO are talking about drilling 1-2 wells at 454 P in Q3/Q4 next year, so they are confident of somebody stumping up the cash.