exe investor presentation, page-4

The problem as I see it is that all the talk so far has been about potential/inferred reserves. We have, after all this time, no drilling results as yet. This may have been due to a lack of funds, and/or due to the bad weather. I would expect that CNOOC will push drilling along, as the Chinese don't muck about, and as soon as we have proven reserves that are commercial the SP will rise. But I don't expect that to be until July or so.