Tui, you are referring to B105 which is "25km from a commercial...

Tui, you are referring to B105 which is "25km from a commercial field". In fact, the last well drilled here was most likely closer than this (speculation). Cua lo is the first well.

The relevance of PPPs well, located in B121 is that B120 is adjacent to it. The well is roughly 75km away from the B120 well location. I say "roughly" because the B120 well hasnt been selected. Hence, it is somewhat relevant to NENs well.

In my opinion PPP and the JV didnt have the data nor expertise to improve their CoS. The released information from all parties was minimal and hence my conclusion. In my experience the more inforamtion made available the clearer the picture - for us, but also for the company. I've seen it many times.

Some dot points:
- B120/121 targets were in the same basin (Phu Khanh).
- The basic is well researched and you can get this from petrovietnam which explains the geological setting and how/where hydrocarbons formed.
- The result of the above published information point to high prospectivity based on the available information from NEN on B120.
- Despite B121 and target 121-CV-1X being in the same basin, it was not on 'trend'. The well did not target the horst/graben formation. This is primarly because the Tri ton horst graben does not extend to the 121-CV-1X well (even though PPP claim is does). They claim "southern extent of horst". But they missed, its clear on the maps.
- The B120 (NEN) targets will be on 'trend' i.e at the fault where horst and graben meet = clear hydrocarbon play. This is evidenced by the successes at Exxon/Mobile which are on the same trend.
- The proximity of the BHP well which proved the presence of oil adds a uniqueness to the CoS. KC has mentioned a number of times that the breach channel impacted the oil column assessment (6m only). Our well will be on the other side of the fault or in a trap that is a distance away from the BHP well, but will target the same miocene reef.
- The oligocene layer was not tested by the BHP well, but the temperature and fact that oil generated from this area (migrating vertically) indicates the best CoS we are going to find.

The investment community is calling NENs drills the most exciting and prospective plays that have occurred in the last decade. In fact this statement made it way into a Bell research report once. The experience of AS/KC is evident in the approach and information available to us.