p1000 or any other experts, page-8

I think that reforming the 54a joint venture by offering a wellhead royalty to TG World (and possibly incorporating the JV to streamline decision making), finding new investors (54a only) and going after the pinacle reef targets in a more intelligent way would be a good start.

Kik will need to be re-capitalised and might be a good vehicle for 54a development with NDO and Trafigura taking shares in KIK and swapping equity in 54a for 54b to put 100% of 54a into KIK. New board at KIK raise equity through KIK and develop the shallows.

Ndo/GPC can probably get project finance for Galoc phase 2 and NDO may have to give up slightly more % in the other blocks to get wells drilled...

I could do better if I sat and worked it through... But that is a first pass

p1000