Ann: Commencement of EP413 Arrowsmith 3D seismic acquisition, page-7

The Irwin 1 well is less than 2km from the boundary of EP368.
NWE and EGO and ??? are the holders of EP368 and if the reservoir structures are continuous across our boundary and some believe that they are then the results of the Irwin 1 well for us could be fairly exciting.
EGO and NWE are watching the results of this drill hole and are arranging for an airborne gravitational analysis of the area to assess the probability of the structure extent.
The runctions in the EGO camp have resulted in the postponment of the Seismic survey which was to be done 24 months ago.
Where this has gotten to I don't know at present. Part of the holdup was because EGO couldn't come to an agreement with the local farmers as to a compensation agreement and a work program which didnot impinge on the planting and harvesting of the crops.
AWE drilling this well so close to our boundary may give some impetuous to EGO getting things done.
If they can show that the structure is continuous then and gas which AWE sells from here we will get a payment for.
NWE has retained its 20% ownership of this EP.