Ann: Half Year Financial Report, page-29

EL: I read somewhere that Q 's Outtrim licence had reached the stage where they would have had to forfeit it had they not conducted a drill. That being so , then they most likely always intended for it to be drilled by the NTP rig. As to why CVN got involved (other than they saw it as a good "string of pearls "play) is something I have always found a little hard to understand given their focus on Phoenix. I always had the impression the deal was a bit rushed as it seemed to come out of nowhere and started to fall apart almost immediately. The original deal you will recall was for 33% of Outtrim and included two other blocks, one of which contains the Blencathra discovery. I raised the query originally in a post when I first noticed in subsequent announcements that the asset was shown as 28.5% and not the announced 33%, Eventually CVN advised the original deal had been cancelled. These things can happen even with the best management so I accepted that my original impression that the deal was a bit rushed may not have been sustainable. Who knows, the lab test results, when they are released, may even reveal that the investment was well justified. In the meantime we can concentrate on Phoenix which was always the main prize.

NB Still nothing on Cerberus though, given a drill commitment is required by May '17.