announcement coming, page-80

Hi MB

They only reason they would be holding up releasing the valuation report IMO is there ongoing interest in land close by.
Any prospective JV partner will have done there own so they will be aware of the lands value.

Been trying to get my head around what SG maybe thinking. He's my age so he will be past the "I wan't it all and I wan't now " stage in life, We just wan't it all and if it takes a little more time so be it, maybe we will get even more LOL.

The Guy is unlikely to have to work at his stage in life, he just needs to do something and going by what happened at Orchid adding value to a company and then realising that value is his style of management and is unlikely to change.

So on that basis income could be second to realising the lands value.

There is little doubt that he has achieved inreased value on a land basis but at this stage certainly not in the shareprice but its early days.

This horie had to be drilled by someone at some stage in the next few months .

1: cash flow needs to be maintained to keep a holding position at least over the next year.

2: A Horie in the cline simply needs to be proved at some stage.

3: Also going it alone puts some pressure on prospective partners to either join in now or take your chances on the well results.

At the moment going it alone with this well and it can only be for this well IMO, although dilutionary on shares , is not on WI and we still retains operator status.

So the way I see it and have for sometime, is we are buying time and with success of the horrie, adding more value as well.

This time gives many possible options, find a JV partner,sell off certain intervals,sell all of the Reagan land with an OORI,sell part of the Reagan land, Etc.

It wouldn't take a huge amount of cash to restart all over again on our own cashed up, we could look at the Irion on our own or any other land we may end up with.

We could effectively be back where we were when we drilled our first well in the Permian but cashed up and a lot wiser.

A lot of how this pans out will be in the price of oil, $110 oil would re-ignite a lot of interest in the Permian and the sector generally and of course we have found out in the last few months what $76 oil does.

As long as we have enough cash flow and I believe we will with the 4 Permian wells,other projects and a horie we can live through some ups and downs. It's not without risk but that goes with the sector.

Cheers Whisky