Ann: Operations Update, page-16

No debate, U4 was stuffed. Not sure U3 was screwed up, as it happened, it was drilled in wrong place, but could not have been foreseen.
Positives on oil side:
- U4 & U5 both hit oil. Following FW hit. Every confidence for U-W as it’s in the middle.
- The ST will retrieve the situation at U4
- U5 artificial lift going ahead, a successful producing well.
- FW converting to successful producing well, implying U3 WI successful.
- 3 other high impact, higher risk wells to follow
Remaining Mystery:
U-N ?? No word on how they wish to proceed. Seems to demand further attention to me...

Overall, market appears comfortable with today’s modest offering.