Ann: Galoc Phase II Drilling Update Number 6 , page-14

re: Ann: OEL: Galoc Phase II Drilling Update ... For sure, it is not a trivial number but at a project level it compares favourably with Galoc phase II budgeted spend of $188m to access 2P reserves of around 15mmbbls

So much now comes down to the reserves certification and the firming up of capital cost.

I think the reserves will firm up just fine and we will know soon enough. I have wondered before about the capex number.

Looking back at the presentation Nov 8 last year, (USD 100m to 140m gross) the graphic seems to show a single well WL7 which looks to be around 2000m vertical and maybe 3km horizontal.

I'm comparing that with Galoc II at USD 188m for two wells at approx 2000m vertical and 2km horizontal each with tie back to existing FPSO infrastructure. I believe water depth is similar.

Any expert comment on development costs out there?