new announcement out , page-53

xanadu242,

Yes, I believe you are correct. Those 2007/2008 concessions are not in CVI sights. CVI will not venture into water either due to associated high costs.

This is reinforced by CVI's approach in Matanda where CVI will be drilling extended reach wells from land at Koo to access the two known underwater wells there, rather than use a floating rig.

Apart from the Kwanza Basin there are other land based opportunities in Angola.

The others being, Congo Basin, Namibe Basin, Kassanje Basin, Etosha Basin and the Okawango Basin.

AS Smyth says on BRR regarding the restructuring,

"Second reason is that Fortitude is actually owned by the Angolans or prominent, prominent Angolans and this is what they want and this enables us to get even closer to the key people who make the decision making, bearing in mind that, umm, we are trying to get Kwanza Basin oil permit and the key guys who, umm, can help us with that are actually in Fortitude"

Obviously a deal has been struck here, that has a "you scratch my back and I will scratch your back" appeal.

And if this arrangement helps CVI get the Kwanza Basin permit then I can't see it stopping CVI getting access to other parts of Angola's basins.