Ann: Update on P2607 Development Discussions, page-29

Hey, look. IF Rock Rose pull the pin is it necessarily a bad thing?

1) We might end up with a $9 mill disappointment fee.

2) We get 100% of the project back.

3) Since we are discussing tie-back funding and reusing CalEnergy's platform as part of the Plan B, how much money outside of that do we actually need to raise to get the gas out of the ground? My guess is circa £50 mill for the two well program.

4) Since CalEnergy currently have an operating pipe but no gas, one would think they would be super keen to transport ours....we might even get a better rate than Rock Rose have suggested.

5) And much as that idiot Miliband bangs on about net zero by 2023, the tide is turning and starting to come in very quickly. Add a slowing economy and little room for further borrowing, Labour will have to make some hard choices before long and I suspect one of those will be to cut the green budget right back.

6) The resurgence of Reform in UK is really putting the willies up labour at the moment and it seems, some of the players who originally backed big offshore wind farms and are now walking.

Farage's speech last night focused on doubling the tax free income allowance to £20,000, which would be paid for he says, by completely eradicating Net Zero, government DEI and quangos. Looking at the odds right now and with round two of the local elections in the next 12 months, you'd have to be a brave man to bet against Farage becoming PM in 2029.

But it wont take until 2029 for labour to do a U-turn on net zero. With borrowing costs now hitting 5.5% and going higher, Labour soon wont be able to fund its vanity projects and with Farage on its tail, they will have to capitulate.

As a reference, take Starmer's U-turn on immigration recently. A year ago he was talking it up as the life blood of future growth....last week he referred to the dangers of UK becoming an island of stranger.

All I'm saying is that there are a few good signs out there. Its also useful to note that although HHR's share price hasn't mover yet, other listed North Sea operators are certainly seeing more interest in their shares of late.