Market Awake, page-6

PS-3 is by my view critical to the overall future of cvn. We will prove up a resource of 900bcf in the venture with about 60mmb of condo. This would prove up a modest development asset, which would rerated us to 50c. It's substantial in the sense I do believe that there could be 300m of sands below what we know with high pressures which points to the stratiagraphic trap interpreted.

Dorado is the cherry on top, in the sense that low side it's 500bcf and high side 2.5tcf. We would be a target and the 3tcf needed for LNG is proven. This in itself adds $1 to the share price.

With the local gas needs and the 3 way tussle for AWE unfolding we are in prime position. Another point is that the LNG ventures have local gas commitments/reservation needs, so we could be a bolt on for this purpose.