PS3

A few points to note on PS3.

The company has provided a target of: 489 Bscf of gas and 57 million barrels of associated condensate (being 143 million barrels of oil equivalent (“boe”)

Potential upside with will be dependent on the porosity, permeability,  saturation and size of the trap.

After a bit of reflection, I (my personal opinion) don't think we need to do a Flow Test on PS3 - especially, if the porosity and permeability are similar to ROC2.   That is because we already conducted a Flow Test at ROC2, on the same Caley sands and on the same gas and condensate.

If the porosity and permeability of PS3 is similar to ROC2, then a flow test result (if we conducted one) should be similar to ROC2 as well.   Just my own personal opinion.  Happy to hear other viewpoints on this.

This should save us (the JV) a bit of money.

As to the Flow rate of ROC2; it was 55 MM scf/day and 3,000 barrels of condensate per day.

From memory, that's equivalent to 10,000 barrels of oil per day.

On Dorado, hope they immediately announce the Appraisal programme; to test the oil flow and OWC, following conclusion of the Exploration programme.

We have $50M left and our expected share of the costs (appraisal) should be in the range of $15M.

We should go for it.  This should add a lot of value to our SP.

IMHO.