31c, page-47

ort -

I've published my theory of how MGN's ES deal was undermined by ENI, the secrecy, the blockbuster MEO farmout. ALL OF THIS HAS PROGRESSED EXACTLY AS I PREDICTED.

NOTE THE FOLLOWING.

ENI undermined STO's sale of ES to MGN (my opinion), then;

ENI farmed in to NT/P68

ENI farmed in to ES but did not release their identity

BUT;

When ENI farmed in to NT/P68, they agreed to conduct 500km2 of 3D seismic over Blackwood after Heron. Soon as the ink-dried on all the agreements, ENI shot 698km2 over Blackwood, 40% more than they needed including tie-in lines to ES.

Then we see a map of the new Blackwood in an internal Eni magazine release 10days ago showing a structure twice as big, courtesy of Blackwood East which extends towards ES.

Its all happening folks. The next 6 months is going to be very very interesting at NT/P68 and TS.

Then there is the rig scheduled for drilling a well at ES later this year. I'd bet my left one that this same rig will then drill Blackwood.