Ann: TDO: WA/527- P Update (Amended), page-63

Feathers,

Tut tut, no ones going to take your word for it.

Bufallo might or might not pay for Dorado development. It most certainly is extremely unlikely to pay for Dorado appraisal or accompanying exploration. Appraisal likely to commence well before B10 is even drilled, and if there is anything AC doesn’t do then that is to sail close to the wind with funding.

As I’ve said before I expect a CR around the time the E&A program is announced, or in fact anytime after the volumetrics. I don’t expect any one to take my word for it either, just for them to consider my reasoning, as it is only considered opinion.

Good to see that gap closed, I don’t hold much store by charts, but I am hugely superstitious with respect to plausibly closeably gaps. Seemed like this morning all the buyers were standing back waiting for the gap to close and move firmly above it. Maybe it will be tested again, but I doubt 38 will be breached.

If 40 is fair then the market is expecting some pretty mediocre volumetrics imho.

EL