nuenco management statement, page-24

Mark thank you for your reply.


One other point which I would like to put to you, perhaps to clear up some misunderstanding on behalf of investors both new and old.

Initially the Miogyp reserves were estimated by GGP to be some 20 MMBOE as recently as the 28th September but now they seem to suggest only 4 MMBOE? On the face of it this seems like a 75% reduction in potential reserves in the Miogyp structure.

Can you clarify??

If this is correct (and not for example related to GGP's working interest) then why is the reservoir now thought to be so much smaller despite better performance than expected.

Am I (and others) reading this correctly??


Clarification on this point would be most appreciated.