Ann: Investor Presentation, page-3

Baseless,

Just about each drill holds the potential for a major change in sp.

If we were to get a straightforward result of 1 tcf of gas with 60 mmbbl of condensate in good reservoirs with little doubt about compartmentisation etc, then I am sure the sp would move significantly. Nothing that hovers around the minimuim economic threshold will do the trick though, nor anything that needs yet another drill to confirm.

If Dorado doesn't change the game, and the sp, then PS might well do, and my bet is the PS follow up will be 2018, not 2020. Then there are the other farmout projects.

EL