Ann: Roadshow Presentation 04042012 , page-4

G'day katok. Nice "Roadshow Presentation" and its in Perth (probably where all the big punting dollars are??).
5 wells in the next 6 months. Where? 626? 1,000km of seismics in 12 months.
Need to prove up 2TCF of 2P by March 2013.
Translated, will cost.??
Can we put that all together to say "where is the money"?
Are all of those proposed wells in 626 plus Halifax 1 which will cost us nothing?? If not, where is the money?

And if it's a "roadshow" and not just a "presentation", it might suggest a "placement", maybe with a SPP, instead of a straight out CR of SHs. With such an enviably small IC, they could even get away with, say, 100 mil @ .27, that will set them up nicely for the foreseeable future and really wouldn't hurt the SP much, if at all. Would also take away the poor relative syndrome initially in 855.
Just thinking out loud.

See there are 6 wells market out in 855!!!!
All 855 seems to be in the much deeper zones than in 218. i.e. more shale, more gas? More valuable?

And Katok. A CONDITION of the j/v for 855 is that BPT MUST use the Ensign #65 rig in 855 as its first job and as soon as practicable and with no delay which is not out of their control. OR, BPT loses the J/V, as ICN will take them to Court at the blink of an eye if there is ANY undue delay that BP could have prevented.
That is in writing and BPT and ICN BOTH have agreed to and is totally unequivocal and not negotiable.

BPT will not be playing ducks and drakes over the drilling of Halifax 1, they simply have too much to lose and even BPT cannot afford to lose 40% of 855 and operatorship. ICN management will have someone on that rig the minute it arrives on Australian soil and that is what we are trying to find out, where is Ensign #65?

Market also seems to have "stabilized" as expected and with the Easter break just two days away, probably has stopped all ST DTs who have obviously been dominating the buying in last two days and are selling instead.

No notices today, so, nothing "official" to announce so far re last Friday's 3 million purchases. Until one comes out, we can safely assume that no individual entity has picked up 5% in the SP rise to 31.5.
I would even go as far as saying that any thoughts of an un-friendly predator accumulating now appears to be unfounded. Why jack the S up 60% and still not have 5%Again, just MO.

Sorry mav, I must agree with at least one thing that you have posted. It was not you re the Lambo. Thanks Karlos.