Ann: Quarterly Report and Appendix 5B, page-19

TC

I have looked at Mt Horner and it was a very tired field  It was shut in about 5 years back.  It may be useful to have a second look, but the initial reserves were not great and the productivity of the sounds were also low.  

Initial reserves at Mt Horner were less than 2 million barrels, so upside may be considered limited on that basis.  It will take some cash to do this work, and it may pay off, but I'm not sure it will move the dial.  

This deal and WBE, plus the CH plans and Xanadu activities would indicate a major spend by TEG.  Probably in the order of $15-20m (my guess).  Limited cash now, so some fleet of foot will be needed to do all this.  

AL