pelican at 3356m was 3205m last week, page-3

Hi gincharoony

I was replying to someone who said that today's report didn't give a depth. My reading is that they are further down than a week ago but only 130m, so no result as yet and may not be tomorrow.

WPL relinquished their farm-in (they were earning 35% I think) by not participating in the well. Then later they became operators and reneogotiated to have the option to regain a 10% interest by paying for the drill I think or at least part-funding it. Looks like they were focussing their $s on PSCs A&B and later (after seismic analysis and prehaps Ching production success) they decided to stay in Block 7 (via Pelican). That's promising.

HDR had 18% and ROC 2% and Dana 80% before WPL had the option of getting 10% back. I think Dana farm-out some of their equity and I guess HDR's may reduce a little if WPL take up their 10% option.

H