Ann: Utopia 14 Development Well Spud , page-3

If punters are thinking Utopia is going push sp north i think they will be disappointed.

BUY have been mucking around with Utopia for years and spending quite a few dollars for marginal to nil improvements in flow rates.

Last dec 1/4 Utopia produced 1507 boe for $119,000 or about 20 bbls day. Current drilling hopes to 'double" production. Wow!i'm overwhelmed.

Tanzania. check out the prices paid for Songo Songo gas going into Dar es Salaam. you will be disappointed. Orca sell roughly 75% of production into the regulated power generation market at about $3.40 is a mcf.

Timor Sea: Apache pulled out of this and handed BUY its 85%. You have to ask why? there has been a significant reduction in contingent resource Azalea has gone from 180 mmbbls to 80mmbbls. Apache assessment of risk/reward for 80mmbls was obviously negative.

PEP 11: I've been in BUY for over 6 years so was there for the whole process. raising the $25m for that drill was a convoluted bad dream for MMR. I doubt if anyone will have another crack.

BUY does a very good job at paying its CEO but i'm not sure where the big upside for holders is to come from.

Good luck , i'm out today.