re: Ann: ADX: New Joint Venture Partners Roma... I think that...

re: Ann: ADX: New Joint Venture Partners Roma... I think that there is a bit of reaction at the moment to several things:

1. Kupe: while it has come on stream successfully so far there has been very little info about actual production performance.
Okay there has been an indication of a tanker (about 130,000 barrels) of condensate being loaded up and sent to the refinery.
But no real details exactly of flow rates etc. We won't get those till about late March/ early April once the whole system has been fully tested and officially completed.
2.PPP : The fact that NZOG's investment in PPP has seen a bit of a reversal in the PPP share price. Recent exploration at Ca Dong Vang (Vietnam) and Lore and Lolotoe in Timor Sea all returned nil returns. So PPP share price has retreated.
3.Pike River Coal: Again an investment that has had problems and not lived up to expectations so far. While not a major problem for NZOG it is perceived by the market as a drag at the moment rather than a positive.
There is also a possibility that NZOG could provide some loan money to help PRC through this year. So again some question marks and uncertainty. That situation could be clarified this week with the PRC AGM.
4. HOKI etc: The exploration wells at HOKI and the near TUI prospects has seen further delays as AWE's Rockhopper well has absorbed more time.
HOKI will probably not take place now till at least late March. TUI wells probably May /June at earliest now.

So in my opinion there are a number of things that are seen as less positive things for NZOG at the moment. A few months from now and a number of those issues will be clarified.