Ann: Phoenix South-3 Drilling Update, page-9

For those with a better understanding of drilling progress it would be good to get an interpretation of the below statement included in today’s announcement:

“Comparison to Phoenix South-2 (“PS-2”)

The PS-3 well is in close proximity to the previous PS-2 well and as expected is encountering similar geological features. All formations are coming in close to prognosis. The well logs look similar in character between the two wells. Oil shows recognised in the Hove in PS-2 were also encountered in PS-3, albeit in better developed sands”