Ann: Placement, page-27

Its right to afraid from exploration investing but!!!

Most of the investors in the exploration industry knows that for drilling decision jv need some keys and its takes time (and a lot of money):

1. 3D (in our block we need very large 3d cover).
2. Money for the 3d - for this project we need farm in and its take time too... its not couple of weeks process for my opinion. ...
3. If we get farm in and we start 3d cover - its take time to process those 3d until we de risk the leads... in my last investing in guyana i remember it take something like 1-2 years from the processing until the drill desicion.
4. after we get drill desicion (If we get some thing like that... now its very very early for that) we need to find avilable drillship and it can take months or 1 year until that... + we need to get enviroment clearnce / approve
from the goverment.. its take time too.

So i dont have any dream about drill in 87 on this year or in the 23 year... its not logical to me.

For me I hope to see farm in the next 3-12 months from now and hope to get good deal with carry and cash from major.
After that (if it happend) i hope pcl show the farmin deal
and we get more info about the scedual...

And hope to see more info about venus after total will drill the next wells there...
and hope to see more activities in the basin.