analysis update, page-31

It is interesting that 2 of the non-holders felt it necessary to post (between them) 17 times just from 19 January. What is it that drives a non-holder to rubbish a share day after day after day? It is not as if they post anything of technical value - just their views over and over and over again.

Critical factors for EFS reserves appear to be:

1. The location in the trend: note that Tyler appears to be producing a massive 808bbls/mmcfg as compared to, say, the very condensate rich Turnbull 4, producing 545 bbls/mmcfg. So, Tyler is deeper into the 'oil window' and flows for the heavier hydrocarbons can be expected to be slower.

2. The internal pressure in the rock - there is no suggestion that TXN's acreage is any less over-pressured than COP's neighbouring acreage and they have choked down flow.

Then it is a question of engineering to get the O&G out without damaging the well. TCEI failed in a spectacular way with Kowalik 1.

This is TXN's 1st EFS well and they can be expected to be experimenting with it. We don't even know whether the choke settings have been varied over the period.