Ann: NWE: Xanadu 3D Seismic Results, page-24

After all this, who's got the appetite to acquire the other 55%? We picked up 15% of a proven discovery for $5m. Reckon we can get the rest for another fiver? Maybe all on a delayed basis, payable on first oil? Contrarian in me is starting to itch.

TEG has far more commercial incentive to progress Xanadu. Even if the proven reservoirs drilled by X1 are not commercial on their own, they may be with reference to the economies of scale gained by increasing throughput to ASP, and likely also delaying its abandonment. ie. If we can side-track X1 and produce at break-even, maybe even a small loss, but can delay abandoning ASP by 5-10yrs, that's a positive $5m-$10m by rough figures.