Totally agree Whisky, what I said poorly was that the PE issues...

Totally agree Whisky, what I said poorly was that the PE issues may be causing delays in making commitments by the JV. In regards to the DJ block when does a company have to release to the market it is taking up the option and I believe the answer to be when it decides to take up that option. A company may have all the information it needs to make the decision and have made recommendation to its the board (hence directors know the outcome) but not have to release to the market until the board makes that decision.

We witness this behaviour last year in the awarding of the drilling contracts, the market knew what was happening before FAR ann and FAR did not have to inform the market as it had not signed the contract, once FAR signed the contract they released the information to the market.

So we can get these timing issues when the company has practically made a decision but does not have to inform the markets until it formally makes a material decision.

Zip