Analysts Report - DJ Carmichael, page-4

Perhaps no accident they have put 8.5c on the sp given the previous high and hence resistance.

Also interesting they have added $10bbl to the BE cost. I gather all this will be a little moot if they (88e/Bex) manage to bring on board a big player for the horizontal/pilot field program.

We may still have to wear a bit more dilution, hopefully at around 8c, for the horizontal tho.

Then again, I wonder how much of that contingency might cover a horizontal. Probably also c funding for one or two conventional well drillings in 2018.

Of course Ice 2/3 horizontal all dependant on goodly flow rate from this hybrid play.

d.

Logic will get U from A to B, imagination will takeU everywhere.