Ann: Alameda-1 Drilling Update, page-343

Timelines are pertinent. VOGC says an option is to fit a higher BOP and continue the sidetrack option for Marti. This is compromised if they move to flow test and produce from Alameda. Which leaves the alternate which is a stand alone well to produce from Marti. 6 months to drill it ,1 month to shift the well twice and 2 months to drill and test Zapato. So back where we were last week in 9 months time. Back to the future, and this assumes the Marti 2 well is combined with the upper sheet appraisal well or you have to add another month. Frankly as production wells they should be apical wells not compromised wells for convenience for exploration. So 2 wells. Looking forward for SP drivers the Alameda flow test is high and imminent, hopefully not a small compartment as VOGC implies is possible. Then Zapato, which IMO has gone from a free bonus well to now being of much greater importance to the SP. I will be less relaxed for Zapato now and I am keen to get on with it, so I have mixed feelings about sidetracking Marti with a higher rated BOP. I suspect there isn’t one readily available anyway.