Malcy's email, page-61

H,

"particularly when the sector is struggling."

We have to remember that this is exactly the situation that helped FAR whilst drilling and now with the PE, a double edge sword. If not for the low POO and bad sentiments in the oil exploration sector, FAR would not have been able to drill all those wells at the price that it did.

Moreover, if the POO had been higher, WPL's deal with COP won't have been 2.20/b (but I think it actually was 3.74 based on 330 mil and 2.2o was a very opportunistic reporting) and FAR would have virtually no chance of cutting a PE.

My hope is to have a clean cut takeover by WPL if it wants the 50% or a knight and if a PE comes from CNE, it'll have to be at a higher level and it would matter then.

GLTA

KKW