Cairn Pre-Drill Expectations, page-2

SNE#2 TD'd @ 2825m TVD on the 4th of Dec & took a week for the wireline logging. All good there.

Already knew about the Adira departing from the permit around wk-3 Nov & off to Crete from Mtrff'c. Now watching the Oceanic Champion doing its loops in very deepwaters for KOS in Senegal.

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Next couple of steps:

- Run casing
- Make up perf guns & DST assembly,
- perforate the intervals of interest &
- conduct flow-testing over a few days at variable choke settings (16/64, 32/64, 64/64 etc).
- Displace with brine/diesel & let the well clean-up its contents.

Not sure what the final well dia is currently 8.5" (??) so will assume they land a 3.5"-4" tubing & monitor the GOR & any water cut.

Will have to keep an eye on CNE's mkt update on Net, gross oil pay thickness.

If SNE2 has 30-36m net or 95m gross with 24% porosity & ~70% oilsat just like SNE-1 then they've got continuity of the reservoir 3 kms north from SNE-1 to SNE-2. Production testing will give an idea of the reservoir's deliverability.

As of now the Operator has the crucial geophysical downhole data to update their model.