Ann: Letter to Shareholders, page-24

Cosmo,

Look at the feature below Roc, the white contour is the Permian strata, the interpretation in the past was a reef play. It has a high relief to it and sits in the gas window. It’s got to be quite a large target.

I wonder if this will be explored at a later point as it will sit with in any production license.

Also Mensa/pheonix look too be quite a large play with at the Barret level or Caley. Wouldn’t mind an explanation there as it’s a very large target. The gross sand package at pheonix was considerable and any improvement in net/gross ratio would make dorado look small.