email to dean, page-9

Hmmmnn. Thats a pretty bloody expensive 'learning' exercise. There maybe a couple of Geology PHDs tagging along for the ride in order to pick up the stratigraphic sequence for their projects, but I'm sure their data comes by the good grace of the Joint Venture.

I just think they are chasing potential leads. Pure and simple, and they haven't come up trumps yet. Why over analyse the logic behind Espadon?

Sure, they may be trying to correlate their Seismic against empirical evidence, but I'm sure you wouldn't do it in locations where you weren't sure there was potential for hitting oil. If you had an exploration block, and it contained no leads, why would you drill it? If you have a block that has a lead, but has an exploration deadline, then I could see why you make it a higher priority.

I'm sure, given the expense of this work, that there is a risk analysis expert trying to work out the risk/reward ratios for drilling in each location. Obviously, as they learn more about the region through physical exploration, these figures change.

So, stop over analysing and second guessing!

And yes, maybe you would like to be more informed. But at this stage, all those geological logs and wireline reports are probably sitting on a desk in the JV somewhere, waiting for some Geology Honours gimp to come along and build them into the cross sections they are generating.