early birds club

hi guys

further delays with spudding Guinea Prospect.

now looking at approx 14/1/2007 subject to weather conditions.

subject to market conditions & oil price anything below 40cents pre-spudding looks like a reasonable buy.

Guinea Prospect considered very high risk, possibility of success around 13-20%.

so one would consider exiting before total depth is reached or if possible be free carried.

if successful as per estimates EXR's net oil approx 12mmbls

12mmbls X AUD$40bbl =AUD$480mm, current market cap around $25mm

once drilling gets underway i'm sure we'll see plenty of interest with weekly updates.

as usual DYOR

regards