valuation, page-32

"If there is any doubt about the oppies being in the money a bank wont lend in the hope of being paid back via exercise monies."

You know that for sure nathan?

"If there is no oil at the lowest interval, do people really think that there is 10mil in the upper intervals?"

Well, ah...yes of course. the bottom interval was never considered an oil producing interval. READ the presentation from last year.

"IF VIL/GGP thought so, they wouldnt waiste time in this interval for $7k/day. they would cement her in and go straight for the oil."

Nathan,
I'm glad you're not on the GGP or VIL boards. For a start, the initial flow will not be the final commercial flow. Secondly, who in their right mind would concrete in a commercially viable interval on "maybe" getting commercial oil up higher? You don't give up certain production for maybes no matter how confident you are. Even if you're 95% confident, you just don't do it. It would be madness and for you to suggest that....well, I don't know what to make of it. You get cash flow from FP#1 and then you drill a second well.