JakeI read the 2/3 Opex bit as a way of saying 2/3rds of the...

Jake
I read the 2/3 Opex bit as a way of saying 2/3rds of the field infrastructure is built (and paid for =fixed) so as they drill more wells we are only looking at only forking the extra 1/3 opex . Could be wrong and maybe they are referring to getting someone else to pay some of the capex?

It is interesting how this preso lays out where they are heading without promising anything..No 15 tj/d target, but also no more exploratory wells or new treatments, just a fill in program with maybe this foam lift and 300 to 500k scf/d is the goal. Exactly the same as what STO is aiming to acheive in their new fields around Roma.

Also positive to read we're looking at adding compression- meaning they are aiming to get beyond 30tj/d and this is the first time I've read contracts expire before 2015..had thought one rolled next year and the other in 2015.

On the downside no mention of the halliburton treatments delivering the goods and the production hasn't really lifted beyond 12 tj/d yet. I was hoping to see 13tj/d after they indicated clean ups were unblocking laterals.

Regarding the Chairman, he might be non executive but I would say he will be more focused than AK, no more red herrings in the GB under his watch i'm betting. It seems to be me RN has retired from NHC but is determined to get some of these investements which were made under his watch back into the black and hipefully up to the sort of ROI levels New Hope achieved with Arrow.