Elephants ... AGM Presentation, page-22

Hi Mint it's not just the Timeline its the cost they are looking a, $800 mil for our share at this stage to production.

What they are not looking at is this :

A: By the end of this year we will have one or two appraisal wells drilled in SNE and by the end of the second quarter next year we could have as many as six wells drilled.

B: As a consequence of the above the odds are very much in favour of our reserves and resources being a lot higher plus the likelyhood of a declaration of commerciality at SNE.

C: Most important we don't have to go to production and as a result of the above we are likely sitting on something that has a lot of value and opens up options as to how we proceed and there would be a lot of options.

D: If as expected SNE does prove up, that alone, not to mention what the other wells find gives us something of considerably more value than our current MC IMO.

All the above carries risk but thats what this is all about risk/reward...

Cheers Whisky