on the move, page-54

Meerkat you keep saying the SP won't advance, but have you seen the independent report? No. Do you know the range of gas resource in B-18b? No. Ukraine state agencies stated the reservoir hosts 31.2 to 70 Bcf gas. That's enough to kick HOG into 2nd gear and get over $0.50. Right now we have gas flow and 2.5 mmboe 2P reserve. No other reserve or resource in any category by both RSIC and Moyes and Co. The independent report will do big things once there is confirmation of increased development options. As it stands B-18b is only a 1 well development, if the reserves are not increased by at least 3 fold, it's hard to see another well going down.

The independent report will perform the de-risking and provide development options. The performance of this well is clear from 2 previous wells in the same reservoir on the same block. Your point about flow rates is very weak, given that this is a twin.

While it will never trade at the high PEs some expect. It will not become a dog stock as long as the reserve upgrade arrives and Sorochynska development progresses.

Remember this is not going to be some a company with a 31.2 - 70 Bcf resource, we will have reserves.

Sovereign risk will always be the key issue, but HOG won't stop moving up unless someone says, "Hi I'm Ukrainian and I'm taking your gas filed".