Ann: Block 9 - Maiden Contingent Resources, page-118

A brief history of MAY
• block 9 is an exciting prospect - next to a mature oil field that has been pumping for decades
• 2D seismic shows a bunch of oil bearing structures
• drilling shows oil, oil, oil
• various tests and analysis show loads of oil
• further geology shows a number of separate reservoirs
• oil is good - all export grade - deeper oil very good
• various tests show much more oil than previously estimated
• pressure is ok at shallow depths - but looking very strong at deeper depths
• drilling going back at deepest depths - due in a few weeks

Hopeful next steps
• oil is definitely very good and under high pressure at around 3,500m
• decision to bring on deeper oil as priority
• this will require some serious transport - ideally a pipeline - but trucks will have to do for now
• pipeline plans mobilised
• plan to get shallow oil at later date
• serious possibility of a takeout offer for initial wells - min 30 cents - hopefully 50+
• saving further exploration in block 9 for later