confirmation, page-30

Paprika

"The decline was due to MAD not completing wells due to economic reasons. I recall reading that it was about 60 wells which had been drilled until mid year which ended up being plugged (cash constraints?). HENCE the decline in OVERALL production ."

This statement is absolute BS. MAD have never been constrained financially and have always completed all wells to production that were producers.

Maybe you should go back to your original question. Given the initial flow rates why are MAD not already producing 4000 BOPD.

Answer - The decline rates are massive. MAD have never explained why this happens nor has anyone else. Given MAD have never explained this then the only conclusion is that it is a serious issue which they do not want to promote.

In the coming 6 months the truth will eventually come to the surface. The first clue will be whether Gulf goes again and provides more financing.

Waiting to see the quarterly to see how many new wells were drilled in the Quarter.