Ann: Glenaras Gas Pilot Operations Update, page-61

BT

Water has always been the challenge.

Funnily enough, it also expands the opportunity set.

The added water, which has caused serious frustration has involved the draining and pressure decline from a much larger area than previously expected. That means the area of connectivity contains more gas from the initial pilot, and also indicates greater permeability than what was expected. All of this is publicly available from the GLL press releases.

Therefore, the gas volumes will be larger and the number of wells to drain the gas will be smaller and both of these add value to the asset in a development phase.

I have always thought that the business was being set up for development, and nothing has changed in that matter, Just the forward economics have improved.

I have now got the noise on ignore, so I will contribute here more often.

Cheers, AL