Ann: FAN South-1 well and SNE-6 TD announcement, page-29

Whisky
The major partners call the shots, 15% says we just tag along and shut up.
FAN 1 was expensive as you know and it had its problems.
FAN south is also deep water 2kms to the seabed and then a 5km drill
That's going to be expensive with all the associated risk.
OK we are part of the JV but the other JV partners are cashed up and therefore see it differently.
If they all agreed to fast track SNE we could have 1st phase first oil in two years been there done that.
But now we have WPL so add another two years and double the cost to allow for the extra meetings before they decide.
Sorry mate ! I'm abit dejected and now hoping we sell out of SNE at a handsome profit and move on cashed up into the adjacent leases with COONC At least we will be in charge of our own destiny.