Ann: Farmin to Cadlao Oil Development, page-26

Cadlao plus Nandino full field development is probably the following: 4 to 6 wells, FPSO, quite a bit of pipes to connect all to the FPSO (distance?), so I think a minimum of USD 80 to 100 million dollars.

Thoughts on how they are going to get this funded?

Share raise....hmmm for a 14 million mc company...no chance.

Project financing with a bank....why would they want to do that when there are better projects elsewhere. But you never know. However, Cadlao history has shown this to be a dead end.

Private equity...well...it is private...and they are public. No chance here too.

So....all that is left is to sell assets on the portfolio to raise funds. Is Canada worth that much? Lucky if they can get 5 or 7 bucks for it.

The longer they wait...the more expensive it gets because oil services prices lags oil prices.....by a few months at least..not more.. I am curious as to what the rig rate for the Murmanskaya is. When are we going to learn that?