Ann: Investor briefing update , page-10

instead of drilling deeper they fraced tight formations with poor results
Usually when you drill a well, you concentrate on the formations which got the best parameters for an economic production. MEL have spent money on tight sandstones and I do not know if they applied the right hydraulic fracturing technique, completion for these sandstones. In my opinion they should have drilled deeper and concentrated on the sandstones with a better permeability. If there is gas in these higher perm sandstones they should have fraced these.And they selected a rig which had not enough capacity to drill deeper. To me it sounds all like rookie mistakes. And I am pi$$ed because MEL is progressing like snail mail.