Ann: Outtrim Project - Belgravia Prospect Update, page-3

Cosmo,

Pretty much as interpreted as before. There is always risk in this game, the question is should we risk money on this prospect.

Swell-1 proves charge and reservoir exists, in fact more then expected but tight. We have an updip prospect which probably has better quality reservoir, but the question is it good enough to be productive.

We would be looking at atleast a $30m to prove a theory, so is it worth us spending net $10m to prove a theory. I don't think we can farm this one out given swell, so it's going to be on the line to decide in the next 3 months. It's probably going to be a local gas asset and not LNG backfill due to this result, so we are in a good position with quadrant.