Arlberg whilst thats the risk of drilling we are very fortunate...

Arlberg whilst thats the risk of drilling we are very fortunate to have a junior oiler that is active on many fronts meaning the possibility of success is higher than for many of their peers.

In addition this junior has real production amounting to $3.9M last quarter. Appraisal and production drilling should enhance this given the current NSA and PV work in progress.

Production testing will soon be underway at the Guijarral Hills discovery and the very large onshore "Paloma Deep" with 7 target levels is scheduled for q3.

Vietnam itself looks like having 3 wells drilled in quick succession in 1/2 2012, on a free carry basis if negotiations go as planned.

I recall Hardmans sp performance when first drilling at Mauritania. The share had been around the 5c mark for ages then slowly progressed to around 10c. Near drill time, from memory about 3-4 months out the sp quickly shot up to the 30's . The first drill was a success and the sp touched $1.20, the second was a failure and the sp plunged to around 40c before starting a very long and slow journey back to $1+.

Of course it was a different era, with oil around $25 a barrel and HDR had more shares on issue.