CNE Presentation on their website, page-3

Their preso looks good. Key points below:

- 3D seis planned b4 appraisal drilling this year.

- Standalone development requirement apprx 200 mmbbls & tieback scenario with another field within 25kms needs min 75 MMbbls.

- Still not mentioning the depths at SNE-1 for the GWC & OWC (slide-13). The resource upgrade is clear to me, seems 2b due to the dipping beds. The lower sand was water wet & is behind the 9" casing. So updip this additional lower Albian sand should have oil. Which sort of explains the increase in midcase estimates to 330 MMbbls frm their pre-drill estimate of 154 mmbbls for the Albian sands.

Fan on the other hand covers a larger area but the sands r thin, 29m over 500m+ gross section. So need an actual core (not sidewall) to suss out the poro/perm etc. Atleast they r factoring in a second well at Fan & hence leaving the resource as Oil in place rather then Contingent. Need actual core frm the sands to suss out the recovery factor. That's about it.