CNE Q&A and SNE assessment and possible upside

The CNE exploration guy is obviously VERY impressed with SNE. I think I made the comaprison to Chinguetti at the time of discovery but its worth re-visiting in the light of CNE's comments. He says its a very large area ... and it is. From slide 14 of the presentation it looks to be around 10 km wide east/west and around 15 km wide north /south. Area around 150 square km. Chinguetti which had a very similar sized oil column was 12.5 square km and was assessed as having 120 mbbls recoverable. That makes SNE 12 times the size potentially ... so 1.44 billion recoverable. The upper limit of what CNE is currently claiming at P10 is 670 mbbls. CNE go on to say that obviosly there will be variability within that large area in rock thickness and reservoir quality and they have taken that into account in producing the preliminary range of estimates (which are still stacking up) of 150-670 mbbls.They say they have excellent quality seismic and very well defined oil/water/ gas contact definition so one has to assume that there is limited potential downside ... but there would seem to be plenty of potential upside, which is what the appraisal campaign will define. That's a great position yo be in IMHO. Jubilee increased many fold from intial estimates.

H