Ann: Chorbane Permit Extension and Drilling Updat, page-2

re: Ann: Chorbane Permit Extension and Drilli... Good ann.!

As per my previous retorts to some downrampers, the ann. confirms the importance to Government and Tunisia of getting things up and going again. I would indeed say that the interim government is DESPERATE to get the O&G industry going and the permits, such as those held by the JV are of high National importance.

Now back to the down rampers. We have GO contradicting himself (becasue he accepts that the Geo risk hasn't changed) given his comment abour XST is a "rubbish stock". GO .... I have no absolute idea on the timing of the drills, likely CO2 cuts, permiability or the level of commerciality on any of the JV target holes. These leases are not IMHO rubbish plays AND the JV partners will (from their armchairs) realise significant SP gains should any commerciality be demonstrated .... regardless of any in-house squabbling ... which has in any case ceased publically.

Onceover. I have taken a look at what Peter Strachan has been saying lately and you know well that he was still saying Spec Buy in April ... even though the SP had impacted his (reader) portfolio balance very negatively.

Like me, Peter had until today's ann. been lately predicting a spud after the the July election results had been digested and a level of settling had occurred. In other words by the end of the year. You were disingenuous in suggesting to this forum that Peter had changed is opinion on the company markedly.

I (like Peter) hold the view that this is an all or nothing play ..... if we get a series of dusters there won't be much residual value left in any of the JV partners. If commerciality is demonstrated good SP gains will be had by all. There is nothing much in between... and I accept fully that this sort of play is not for risk averse punters or those with inflexible timeframes.

cheers