2011 agm presentation, page-35

I think it's fair to say the market has made a decision about Defender even if the outcome is still unknown. (remember the sand plug & the 20% swing down and than up again)

We do know from London flats that there is oil there, it has maturity. To be commercial the min ip would be 200. As sharks says, some will run to hills. Some will analyse it further.

It looks like oil was found in the muddy from SOA and that could help recover some of it's costs. 4m, approx. It will also mean the 3d will be recalibrated which may or may not throw up more targets. Either way it seems TB is keen to test those pods, which could be very lucrative. I believe Noble is successfully doing that in Wattenburg. However it is a complicated target and as we have seen will need further planning and access to the right drilling team.

We do have 40,000 acres in montana Bakken. (25k after buy back by fp) As I posted the other day the $ value of this acreage around this area are increasing and there is good ip results coming from all directions around fpec. This is a lot less complicated than the niobrara and SSN is already in the play.

This is o & g business so there are hits and misses. We got a gift from Chk, we have 50+M in the bank and picked up Bakken Montana for average of $267 (after buy back in) and the niobrara is still a target, albeit will require more planning. GLTA