letter of intent - sc63, page-54

I stand corrected re WL.

Yes, KUFPEC would be ideal for WL. It would strengthen the JV immensely and if past history is anything to go by they tend to take out the equity up front by buying out the weaker players and joining with the stronger players to get it done.

I am sure the project finance was far easier for the Galoc JV to obtain with KUFPEC in the front of the bus.

I do not think there is much option for NDO to obtain project finance until a good chunk of the OEL project finance is repaid and the free cashflow allows them to build a sizeable equity contribution for WL.

I would think that would be 12-18 months away at least and possibly further if they blow their remaining cash at Baragatan.