Ann: Gulf of Thailand G2/48 update , page-8

well at time of writing, the meo sp is up 8% on 3.2 million units. i think this is a higher volume than when b2 prod test came through, noting the prod test result was somewhat already factored into SP.

i think the thai announcement is a very positive outcome for meo. that is, meo now owns 100% and can give up 75% (i.e. the additional 25% they didn't have before) to get a farm-in partner to free carry meo on some further seismice (if needed) and one drill.

if meo didn't have "strong interest from a number of prospective farminees" they wouldn't (i.e. cannot legally) announce it.

btw there was plenty of news in the upstream article re eni and b2. firstly, clear reference to the recently drilled evans shoal and lengthy (i.e. nearly a week's worth of) dst results still to come (i.e. resource upgrade for blackwood). dst by eni equals, imho, hunger for a high co2 resource get TS up and running.

i continue to buy and will continue to so at every opportunity this year primarily due to the huge (8tcf) success of ES with 30% CO2. there is only one commercially viable solution, imho, and that is TS. ENI has spent more than half a billion dollars in the last 12 months on high CO2 gas drills and Rome will want a financial return and not just proven resources in the ground.

patience is the key.

adl