chomp, page-29

Hi Jordan

SNE without BEL is the left hand column, SNE including BEL is the right hand column. Please note that BEL if a discovery is only assigned as "contingent" (it will still require appraisal). The bigger SNE is the less important is BEL. Also please note, as intimated, I've include only a minimal takeover build in.

By way of further information, and I have mentioned this previously, that in the last FAR presentation there was an indication that the reference "NPV at FID" value (from which I extrapolate my oil value tables) of US10/bl at an oil price of US$70 could be maintained at a US$50 oil price with a 30% Capex reduction. This surprised me as Cairn were already allowing a 20% cost reduction at US$70, but as a result (as I stated in another recent post), I came close to throwing the whole thing in the bin. As I say, an update on the project economics at closer to current oil prices would be helpful.

pj