Technical Analysis, page-99

That's an excellent point Laz and I think one not lost on Dave from his comment he'd prefer a mid tier operator.

If you look at this Presentation

http://www.conocophillips.com/investor-relations/Investor Presentation Documents/COP-BAML Transcript-FINAL 11-11-2015.pdf

THAT is made abundantly clear that such acquisitions are made to add to THEIR LOW COSTS RESOURCE BASE and that they currently have plenty of reserve in the Lower 48 that they can bring on line.

So yes an excellent point Laz.

Also a mid tier operator will be MORE HUNGRY for a producing large low cost play because of the basic industry dynamic that the likes of Conoco have swept up much of the low cost acreage anyway so there wouldn't be that much sub $50 bbl stuff around for these guys as their reserves would be commensurately lower than the likes of Conoco.

There is also the time factor in regards to building the North Slope unconventional industry.

Alaska needs it YESTERDAY to fill the TAP's so they will be keen to see production ASAP from these leases.

In fact its starting to look like Conoco did Dave and Paul a favour in passing on Icewine doesn't it !!!


d.