Ann: Investor Update Presentation , page-18

That ought to annoy Gassed - Beach saying only 10%-20% of the 300Tcf recoverable ... don't him started :-)

Another simple think to keep remembering CVX is a global LNG player. My #1 favorite Apache a global player in their own right farmed in CVX into their Kitimat LNG project in BC Canada - a short hop to Asian LNG Markets. They have numerous JVs together with Apache. CVX also looking at LNG to Europe via their Marcellus shale going to Dominion Cove. They have a "iceberg plan" - we only see the tip and get to speculate on the res.

http://www.rigzone.com/news/article.asp?a_id=124734


Got to believe that the ICN GSA is in CVX's mind - in the back maybe for the moment. So I'll borrow the "Right Project Right Time" from Rigzone and suggest it will apply to our project.

Assuming success, and we'll get an inkling of that with the Holdfast-2H well too, CVX will already start see a considerable derisking of PEL218 and flow on into ATP855P.

Now CVX has rounded up 60% of PEL218 as its contingent resources that will be converted into Reserves.

CVX also has its initial 18% of ATP855P and what I would consider to be a cheap extension of additional 18% for $36M (or $2M per 1%).

Again I assume the success case. If I'm CVX I would ask myself?

Self, why has BPT given ICN option to put 4.9% of 855Pback to them for $18M when I can buy another 18% for $36M?

I would also think, Self, who has a GSA agreement now to sell 2Mtpa of LNG after 2P reserves of TCF are proven?

ICN only has to prove to Shantou they have the gas supply - not that the gas has to come from 855P. CVX can easily do that.

I mean in a completely out of left field thought ICN and CVX could I suppose agree to supply Shantou from Gorgon, Wheatstone or even Kitimat in addition to CB.

Or CVX and another senior partner could really put the capital in and develop 218/855 as the Eastern Hub of Unconventional Gas - Gladstone has both uncommitted supply and space for further LNG trains.

I reckon Richard will be busy with more of these presentations