a visit to hq, page-5

Hi Iam -

- Wonderful to hear from you again and as usual I believe you've nailed it in one typically incisive observation -

" Is the seismic in preparation for a more vigorous drilling campaign Q2 2012? Perhaps there will be one firm drill (H3) with the option of two more (Heron 4 and Blackwood 2). Being 2Q 2012 we will be heading the right way out of the cyclone season!"

In the course of our discussion JH made it adamantly clear that Eni were definitely intending to make a large commitment to NT/P68 - there was not the language of :- possibly,depending on results, potentially, with suitable outcomes.....but ARE going to delve deeply into their reserves to unlock these resources.

In respect to the ann. today re. share buyback I too see that as a positive endorsing the companies ( and my ) belief that the share is undervalued so why not stump up the cash that they expect us to otherwise provide!

Great to see some insightful and energetic discussion in the Forum - we might just be leaving the Doldrums behind.....