Malcy's email, page-44

Some have said that perhaps WPL gave the best offer to COP and apart from their reason for departure
from deepwater, perhaps they did take the best offer that was available.

Keep in mind the above paragraph, if we bite off more than we can chew and think we can make a profit
from pre empting and selling a % to another bidder, who`s to say others will pay more than WPL
let alone us trying to on sell for further gains.

Financially we are not in a position to go for any additional % than our share and I feel even then
we are over committing for the extra 10% approx. I still hope a deal can be arranged with WPL,
I am looking for good working honest relationship with a partner, not a lets screw you and take you for what we can get and then work together. Before anybody tells me that is what WPL did, I believe they didn`t, the angst should be with the seller who sold too cheap.

Could you imagine if we had 53%, we would be left out to dry as we certainly couldn't afford our
share of future drilling, I think being too greedy will bite us hard.