Beltrix Is pivital, page-22

Hi All

Couple of points on BEL.

According to The Chef, Cairn's 80% COS is too high. FAR sticks by its estimate.

Secondly, someone here (Hot?) questioned whether FAR had changed the BEL1 narrative to turn it into an 'SNE4' story. This was based on my conversation with Cath, in which she said BEL would be a bonus but that the main aim was to appraise SNE below. I should clarify.

Cath said FAR's number one priority was SNE - to get a field up and running, as she put it. To that end, SNE4 has the potential to significantly grow the field size and volumetrics, so the JV is anxious to see what's there. That doesn't mean BEL is irrelevant or immaterial. Cath said success would derisk Buried Hills and probably add 500m barrels. That's half as much oil again as Cairn is now saying is in the block (which I took to be SNE - ie not including BH; I could be wrong).

So it is wrong to think FAR is dismissive of Belatrix - far from it - it's just that SNE is well and truly the number one game in town.

OOO