Ann: Alameda-1 Significant oil reservoir interpreted in N Struct, page-321

Hi 8tey,

I think we can absolutely blow through $1bn. I did make some money off Karoon and they did buy at a low time the asset that they've got but even though it's pumping 13000 barrels a day it's depleting and upside from new drilling campaign is expensive offshore and risky. They only have about 80mmbo in the field and need to step out to drill patoola and neon and goia for upside.

I feel MAY could have somewhere in the 1-5 times that amount of reserve in Alameda-1. With Zapato to come rapidly after so resource and upside potential wise we are in a stronger position. Onshore is cheaper and more valuable I guess the unknown is what rate can one small exploration well run at? I don't know that 10000 barrels is achievable. It was said historically 4000 so we will see Alexei seems confident 10k is doable. 88e is $700m without producing with the hopes of a 600mmbo find so if we have a massive highly speculative block I think the market will go nuts. It's all conjecture at the moment couple more weeks and we get a better picture!