while we are waiting, page-38

Dear vcj1925,

I wasn't meaning to sound demeaning, I apologise if you took it that way. Simply, I was seeking to emphasise 3 main points.

Firstly, confidentiality on rigs is a serious concern for both the drill operator and the hirer- there is no room for loose lips. Secondly, I was seeking to emphasise the fact that ENI are a massive global energy company. They aren't in the business of little fish, they are big and good at what they do. We are in with some of the world's best because they see commercial value in joining with us- not because we are good folk.

Thirdly, we are talking big numbers should the best case scenario play out and determining this takes time (which is very achievable given 2 extra zones are being drilling but not included in the estimate figues). This means that the high case isn't really the true high case, and the best case isn't really the true best case, and the low case isn't really the true low case. The figures are higher than those NSAI estimated back in the day.

The time factor when we are talking 3.9TCF to 13.9TCF shouldn't be a concern. We aren't looking to find a few barrels of oil equivalent- we are looking for "transformational" finds. We are in some of the best hands with ENI as operator, and with more potential resource than NSAI estimated in Block 105.

Life is very good at the moment. With Block 120 to spud this week in my view and the Quarterly out within 3 weeks- look out! In Block 105 it seems that Co2 is our major enemy- not experience, not indicators, not operators, not sovereign risk, not time, not the shareprice...

It has been said if you don't know what you are doing start quoting Warren Buffett. So here goes, ‘The Stock Market is designed to transfer money from the Active to the Patient.’

GLTA