Ann: Operations Update - Interim Results from Drilling, page-117

What has it cost us? around $6mil? to have a go at $$$ multiples more by anyone's calculation.
To date we have yet to report on Nanushuk 4 and Torok so its not over yet, but yes it doesn't look good.
What worries me it that the announcements have the smell of IW2. Also I read somewhere that the seismic wasn't the latest available so our decision to participate was perhaps more on the low cost of participation relative to the potential return and the very strong evidence that the surrounds were proven oil bearing.
Of further concern to me was the ASX TH where only two partners participated and then no TH for the AIM: why not?.
It's a given we are going to take a bath on the lifting of the TH should no positive announcement be forth coming, but lets take it on the nose. It wasn't a big investment by any means and our individual investments are well covered by the IW prospects. We have around $20mil in the bank and two huge prospects in IW so lets do what we should have done 2 years ago and drill the conventional with or without a Farmee; and yes, I know, we'll have to go to a CR; C'est la vie.