Bea Elegant summary Whiskey, right on the money. The news that...

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