Ann: Change of Director's Interest Notice, page-12

Personally I'd like to see us eventually trade some equity in Horsewell for a partner buy-in ( a partner with deep pockets and required experience) as we go forward. Drilling these depths is an expensive proposition, moreover with the right partner experienced in IOGC systems the exploration could be accelerated and perhaps with geophysics tools that are 2nd to none. I'm aware that jv's can be a pain but provided we retain majority holding ( say at least 80%) and the terms and conditions are well constructed ( to avoid the pitfalls others suffer) this could be a great outcome especially given the resources that could be brought to bear. And it would give the share price a further decent leg-up in the short term. Am aware all this has been canvassed before and that CHK has had interested companies knocking on its door.