Beltrix Is pivital, page-17

Regarding the so called Declaration of Commerciality, this seems to have an elevated status which I think is misunderstood and unwarranted.

In the normal oil field investment process closest milestone except perhaps the end of Concept Selection and going into FEED, which is 2018 according to the Cairn presentation. This involves a decision to spending money on FEED (Front End Engineering and Design) rather than a decision to construct the project.

That decision the Final Investment Decision (FID), which follows extensive engineering (reservoir, well construction, facilities, project execution etc.) and commercial (marketing, financing) work that defines a Field Development Plan. The FID for this project will be around 2018/19 (post FEED) going by slide 22 of the Cairn presentation pack.

So I am a little concerned that those who are looking for a "Declaration of Commerciality" and a big hoopla are chasing a bit of a phantom.