Bea
Elegant summary Whiskey, right on the money.
The news that appraisal will not start until Q4 actually pleases me in the grander scheme of things. I am still
expecting the POO to fall even further {possibly mid to high 30's} over the next 6-9 months in a continuing
deflationary spiral. If that is the case then perhaps appraisals may be closer to the 30m range than the 40's.
I think the timing may be perfect for a subsequent rise in the POO by the time we commence and complete
appraisals. The early intent of 2 appraisals at SNE and 1 exploration drill at BH is perfect--the evidence certainly
pointed in that direction, just nice to get it actually confirmed. Shallower water, a more defined prospect at this
stage and the real possibility of tying in the remaining shelf prospects to SNE at a reduced price and less complexity
than the FAN plays justifies the priority allocated to this play.
I also think that {via no/little mention of the FAN discovery} that it is indeed confirmed as undefined even at this
juncture. I expect this to be the case when 2C is released, apart from por/perm etc on what they initially found,
plus confirmation of initial estimated OOIP. Appraisal drill {as previously stated by FAR} will be required to
identify OWC and further define what we have there.
GLTAH
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