I think Scubadu is off enjoying his birthday. I’ll attempt to...

I think Scubadu is off enjoying his birthday. I’ll attempt to answer your questions. There was the usual number attending- probably twenty to thirty. I think you’ve got an entirely wrong view of the two main members of management. You couldn’t find more forthcoming people – as far as they’re able. Ken presents the Neon case with not only enthusiasm but with obvious expert understanding of all operations. He’s never hesitant in answering in detail every question we put to him i.e. as far as he is able given market restrictions. All the members you speak to prior and post meetings are always more than willing to answer all the questions we might put to them. You ask as to the mood of the audience. How can I answer that except to say (in my opinion) the feeling of excitement is palpable amongst all members of the Neon team and we shareholders of course are ever hopeful. I feel guilty about passing on conversations outside the formal meeting however, I will say that Ken isVERY hopeful particularly of 120. The possible numbers that might be part of a positive outcome are way beyond any hopes I held. Even those of 105. Knowing the obvious restrictions on what they can say I’d tried couching a question to gain management’s hopes in terms of “the usual hopes for such a first well are usually around 10% success. Given all the 3D information do you give the odds a higher figure?” Okay, a ridiculous ask but all I wanted was a measure of their optimism. We got a long ‘political’ reply from A.S. As you can guess, nobody knows but given the information available especially neighbouring successes there is an air of great hope. With the coming drill of 105 they know there is gas there. The question is: the levels of CO2 and the density of the rock formation. Given the success of neighbouring Dongfang the hope is that Cua Lo has similar geology. With this first test of the field the company will probably be able to gain enough info to ascertain if this first prospect is possibly commercial. It will of course need a follow-up appraisal well to confirm that.
I’d always wondered about the excitement of the BHP earlier find in Block 120 given that there was only a 6m oil column. If you look at slide 11 this could well be a possible explanation. Ken also believes that the Miocene reef system of 120 is one and the same that Exxon made their discovery. Nobody outside that company knows the significance of that find except – they were sufficiently confident in using early 1990 2D data to go ahead with their first drilling. With their reported success they’re obviously enthusiastic enough of their prospects to go ahead now with an expensive 3D programme.
I think that covers your questions.
James