bhpp, page-3

For what its worth, I disagree. The development is too important to the Phillipine Government, the prospect is too well developed and in too prime a location samwiched between the depleting Malampaya project and the productive Borneo belt.

However the most important thing for me is that OEL has the rig booked for the 2+1 (option) Galoc field development drilling commencing in circa two months which could not reasonably be considered to be factored into the current price, nor Duhat nor Tanzania.

From this perspective, the downside is very limited and the upside is near certain over the coming few weeks.

Cinco would clearly be the icing on an otherwise tasty looking cake.

Hope I'm right

G'luck