Beltrix Is pivital, page-10

DB,

" I'm hoping they got it wrong and its stuffed full of oil"

CNE's COS for BELL is 8o+%. They think it's oil. It's FAR's COS figure that is 49%. But now FAR is not so concerned with BELL as with SNE4, cause this will give it a huge SNE field.

I think CNE is playing games and it seems that FAR gets along with COP much better, so all this nonsense re THP might wellback fire on them. Majority rules in a JV I would presume.

COP is letting the JV have the use of ORA for just 330Mil/day (ie they are losing 300+mil a day); plus, they have 30 geos on the job. They are not doing all these for nothing. They want to put this project in the production basket ASAP and then they will sell all their deep sea exploration projects as planned.

All good for the project. Not sure if it is good for CNE. I think it is fairly neutral for FAR.

AJIMHO

KKW