Firstup RR - watch the double posting.Can I ask with your...

Firstup RR - watch the double posting.

Can I ask with your valuations if you are using in-ground value based on a particular oil price?

If that is the case - good luck with having the market agree with you. Texas it might be okay to use that as that is converted into a saleable value (since Range are going to dispose of it).

Using it for Puntland, because Al Jazeera said so is not really accurate either. You'll find that the costs are going to be higher to get it out of the ground and to somewhere where it can be exported. Not an ideal valuation for In Ground Value on that drill. And btw if they said it was worth $1bn then our stake is only $200m.

On the other hand - I wouldn't value Georgia as worthless, as there is stuff there, it just has to be gotten out of the ground and probably the hard way. But until they do it is hard to attribute a value to it.

I'm not downramping the stock, but not into people getting too far ahead of themselves either.