Jewell is a great well, but how great?, page-26

Hi mate.

Sorry about the late reply for the AXP question. Listened to the latest presentation, quarterly report and new inhouse drilling team. I really like the lateral thinking for the stranded assets crypto electricity generation theme, and using the in-house drilling expertise decrease their drilling, workover costs. Those stranded 129 wells targeted be brought on line, and extending/ completing previously drilled wells bu the inhouse team will be cost efficient. The fact that the stranded Colorado assets should produce 3-4 gallons per mcf , which equates to 71 - 95 barrels NGl's per MMCFG, which is ~80-95% of the ratio from Jewell is fantastic, but of they only get 10-20 MCFGPD from 20 wells, then that is material, but not significant.

But at this stage it is hard to quantify the income , reserve increase these activities will bring in so until there is more colour on those points it is really hard to say. Once the release their reserve report for their assets, give some expected numbers from their recompletion and stranded Colorado assets crypto power generation programs it will be much easier to make a call, one way or another.

Having said that, it seams they are heading in the right direction.

Cheers

Dan