Ok, thanks, I'm making more sense of it with that explanation....

Ok, thanks, I'm making more sense of it with that explanation. When they say "The joint venture has agreed on a formal work plan and budget for this activity with completion in the third quarter. " they are talking about the data crunching when they say this activity. OK, no problem... it's this bit that is open to interpretation: " The forward exploration program for the area of the evaluation will be assessed at that time. " ... when they say "at that time", they could, as you say mean then we'll take our sweet time starting to think what we do next, or they could, as I had assumed mean they will then make a decision then and there and therefore we will get an Ann setting out forward oil exploration plan around the end of Sep. Now you put it your way, that would make sense too, I'm not sure either way now - if you're right, maybe at least we get an Ann saying, OK these are the numbers we crunched, the size of U-FW is xxx and this is what we can tell you about it talking to U1/2... U-North is xxxx more and here's something new we didn't know about these wells etc etc. Or not.