CN at MMC, page-24

homeales,
Just so you are clear on the issue. The rigrate of $330k (approx 50% reduction from the normal rigrate of $600k= per day) relate only to the Rig rate (self-explanatory really) and is in line what CN had always touted as far back as the IP roadshow (must be almost a year now). So nothing has changed. But we need to be thankful for the Mates rates that COP provided it at. It saves them (COP)$330k per day which they would have had to fork out if the JV don't continue with the next phase of drilling. It is really the support vessels and whatnot that is the big add-on-- must be some $600k per day because CN stated, also at the IP's, that the total "spread" per day was approx $900k per day.

In honesty, I'm not impressed with the CNE release (on the Senegal "RESOURCE UPGRADE"! ) although I am mindful that this is their quarterly and they need to address all the usual stuff (not just Senegal) BUT not sure WHY the discrepancy in RISC volume numbers and CNE's. Hopefully it will be picked up and be taken up in the CNE Q&A session. After spectacular flowratres at SNE2 with very similar gross&net payzones and same quality oil, C1 only increased from 140mb to 200mb (by 60mb which is still 40mil less than RISC's C1 numbers AND that was without RISC even taking SNE2&3 into the calculation. Similarly with the C2 numbers.. huge discrepancy indeed. Someone mention CNE needing to be conservative .. don't know.. If CN previously mentioned that 700mb is a shoe-in and that is what COP wants to see for them to consider operatorship, then I ask, what does 700mb refer to C1, C2 or C3 because if it refers to C1 then we are a long long way off... thoughts please.