Go easy on the kool aid boys, page-4

Riley

I have worked for a number of major resource companies over my career and I certainly wouldn't discount a company like Total having a second look (presuming that it looked earlier on in the piece at around same time as WPL and others). Its amazing how changes in market sentiment, changes in a companies own resource base will spur on a company to have a second look. Also keep in mind that after WPL "secured" the asset back in January this year. Since then further derisking with more drilling and also significant flow testing results have certainly upgraded both the resource and more clarity about the economics of the central core of SNE are now known. Just knowing the way big companies think (I have not worked with Total) I would not at all be surprised that this time round a large shark takes a bite somewhere in the JV chain.