progress report, page-4

FINALLY!!!

50 Bcf confirmed!

Waited so long for this damn announcement. Trust them to release it on the day of the meeting.

Looks like the Ukrainians had a better idea of reserve/resource after all. Their initial estimates of 31.2-70 Bcf seem to be much more appropriate than 13.2 Bcf...

The real game now lies ahead... Can HOG drill another development well with enhanced permeability of the reservoir, or was the first well just a lucky strike in a naturally fractured area. Remember permeability went from 10-14mD in historical wells to over 70 mD for the current well, which HOG brought down to better drilling techniques.

Then theres the big one... Can HOG get the B-24/25 to flow at a commercial flow rate in the region of 2 mmcf/d-5 mmcf/d. Many have tried with the deeper reservoirs and failed with poor flow rates.