the money man, page-10

I wish David every success.

He first and only major issue is how to cover the cost of the offshore well as there is a cap of USD 40.5 million that will be funded by Galp Energia farmin.

Post farmin by Galp TPT has a 25% interest in the well which they have to pay for any drilling cost overruns.

In actual fact the government (25%) is free carried through exploration, so any cost overruns would be 25% plus 1/3 of 25% governments free carry.

Ie a total exposure post cap limited reached of 33.33%.

Current plans are to TD Trident prospect between 3,000 to 3,600 m.

So what the actual cost of the well and what contingency should TPT have.

Based upon FAR estimates of its forthcoming 2 wells costing USD 200 million or USD 100 million a pop you have to say that TPT is extremely exposed.

Possible well cost TPT cost overrun amount (in millions)

40 Zero

50 3.3

60 6.6

70 9.9

80 13.1

90 16.4

100 19.7

Hence why this should be David major issue.

We don't want another NEN, and have a look at what CVN did to cover is risk.