LSE tonight, page-7212

Icewine#2v is the first well to be fracked in the HRZ interval on the North Slope. As all informed investors know, we are doing pioneering stuff here. From what has been learned about the HRZ, and is continuing to be learned - the HRZ shares attributes with many successful shale plays but is also different to each of them (as indeed each of them are to each other). The JV is leveraging various tools, well worn from other successful shale plays, to determine how best to get this one to flow - and from that draw some wider lessons. This is as it has always been, so nothing has changed yet.

It is worth noting from yesterday's ANN that management still expects this well to be within budget (including contingency) and they have still got intention to expend money in the next 3 months to finalise additional land leases. That is, for those intent on sniffing 'meaning' from recent announcements.