Ann: Alameda-3 Drilling Update, page-230

rivermore,

Unfortunately it's the cost of drilling complicated wells in geology that is pressurised and fractured. As the operator we are paying things upfront and then under terms of the JV Sonangol is paying later their 70% plus a management fee.

We wouldn't want this to get too far out of hand but then oil/gas is an expensive business too be in. Its why I think either financing or a deal is required as development will be getting far more expensive. Drilling multiple more wells and laying a pipeline with a central processing facility is likely to be well above USD50m. AP would know these things quite well given his experience.

Its exciting stuff but one with a lot of costs.

best of luck holders