Ann: PEL 37 Joint Venture Votes to Drill Offshore Namibia, page-14

I don't consider that the announcement addresses the issue of the failure to drill the well in accordance with the license conditions. There is no explanation of why this will not happen. If Tullow had any reasonable reasons for delaying this drill then this should have been released to us (rather than the previous worn out crap that they were trying to identify a drillable prospect). The fact that there is no explanation given suggests that there is none. Clearly management do not want to be seen as not complying with that requirement of the license so they put out a meally mouthed announcement. Hopefully (and most likely) the Minister will accept the proposed amended timetable but there is no certainty yet and the market probably also sees it that way, judging by trading today. Tullow have been extremely frustrating in dealing with this issue at our expense.

ANZ