CN on Commsec executive series, page-50

Had another listen to Cath's interview and really I can't see where comments like GO's that SNE won't be developed unless oil is at US$70 etc come from. She could not have stated it more clearly "....SNE will be developed ..." and "we have a development plan and SNE5&6 are just to fine-tune that plan for the upper reservoirs that are not currently in the barrels on which the Statement of Commerciality was based".

Still not clear whether she meant SNE5&6 results or submitting the development plan will allow booking of reserves but I am assuming that they will allow formal JV DoC and means a committment to develop and that's when you can book reserves and attract funding other than CRs. The other good thing is that she said SNE is on its own track to development and further exploration drilling aimed is about block retention and there will be other traps! In other words SNE won't be derailed by further exploration failures but successe within tie-back (nearly all prospects) with add to the economics.

All possible within 6-9 months IMHO. Looking good.

H