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re: out with it microsoft Hi T,

You're dead right about our fortune lies with Woodies until we have another income source. That's where I think Simon has done his best work to date - diversify our asset base and distancing ourselves from them via Tanzania, Suriname, Guyane, etc. The delays in Guyane cannot be placed with him because the cause of the original delay lies solely with the previous management. He did state it’s on track for Q2, but I do believe there was a very good reason as to why it was delayed. As with any transition phase… probably sounds familiar to some (visualise Rachael Hunter)… it won’t happen overnight, but it will happen (couldn’t help myself LOL…). Drilling in Suriname starts early 2007 – close to infrastructure and can be brought online fairly quickly. Drilling in Tanzania mid to end 2007, so production is a fair way away if commercial oil is found. Same with Guyane. But Uganda, I’d be surprised if they are not producing within 18 months from now (so end of 2007, early 2008).

What’s on my wishlist? Woodside sells their Mauritania stake to the likes of Exxon or Conaco, anyone who can tell the difference between their a*se and their head really. I believe Simon would wet himself in excitement if this does eventuate! If and when Guyane is farmed out, they will have no reason not to drill Matamata, which should be fun to say the least :)

There may well be more pain in the short term because it is simply impossible to gauge short term sentiment. But it will turnaround. Buy when the company can ‘seemingly’ do no right, and sell when the company can ‘seemingly’ do no wrong in my motto. Now I just have to work out the difference between when a company can seemingly do no right, and when they can actually do no right! LOL…

Cheers,
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