31th aug option not taken, page-12

Lest

IMHO as the options are subject to mutual agreement between the parties and the fact that the " Four options " option is later in time and greater in knowledge, the "one option" option was always a non event.

Surely the JV would await Kontiki-1 and Poseidon -2 results prior to exercising its options and they would site specific and well specific hence 4 one well options.- Good Management!

"The final terms of the contract have allowed the Joint Venture to secure the Transocean Legend for a minimum term of 148 days which will allow the drilling of the upcoming Kontiki-1 well together with the Poseidon-2 appraisal well, plus;
• One option for up to 2 additional wells to be exercised by 31st August 2009.
• Four options, each to drill one well, to be exercised prior to the end of the drilling
contract and subject to mutual agreement between the parties".