Ann: Thailand Operations Update , page-2

I've noted before, and note again, the JV's guidance of its oil sales target in 2010 of an average 10,000 bopd gross (4,000 bopd net to CVN).

With early 2010 oil sales tracking well below 10,000 bopd, this can only mean an expectation of oil sales at the end of 2010 of greater than 10,000 bopd.

This could well be in the range of 12,000-15,000 bopd gross (4,800-6,000 bopd net to CVN).

They now have the reserves to support that level of production for around 10 years.

Obviously the production profile won't be smooth or run in a straight line, but it is also more likely than not that reserves will continue to increase at least over the next year or 2, albeit at a lower rate than over the past 3 years.

This provides a far more stable and reliable platform for future growth than the JV participants had a year ago.