Ann: Block 9 Alameda 3 Appraisal Update (Alameda reservoir), page-137

I get that you are angry - but can guarantee that you will not receive anything other than a standard form response.

The company had problems in Marti and made the incorrect judgement that the same problems would not apply to Alameda. I presume this had to do with the case that Alameda was cased, whereas Marti was finished with a slotted liner and they assumed that it was a caking issue (caused by mud pressure perhaps). The good thing is that now they seem reasonably sure the blockages are the result of a reaction between the mud and the oil, or the mud and the rock. These are not insurmountable challenges, but do involve some chemistry, time and patience.

As for the sell order - it may have actually been Rochy, who pumps hard into a sell order, and slanders hard into a buy order. Or someone similar. The price action of the past two days, and even this morning, do not look like insider trading and I strongly doubt that ASIC will give you the time of day on such things.

I suggest everyone take a deep breath and have a look at what is actually happening, not what people (even like me) say on a free webchat page. The well is suspended until they can figure this out, and given that (a) they have confirmed (and reconfirmed) the presence of oil, and (b) the pressure is good, I strongly doubt they will simply P&A this well. At very worst they could produce out of U1B, but I think we are a long way off that "doomsday" scenario.

What I funny slighly funny is that first thing this morning I posed some questions (on HC) about 1B and the field development work. It seems that they actually answered those questions in this announcement. Coincidence?


Kit.