Everest2011Note your comment on negative quarterly cashflow. In...

Everest2011

Note your comment on negative quarterly cashflow.

In developing a producing asset it is quite usual to invest capital to produce future income. If MAD was spending money and the oil flow was falling that would be a cause for concern.

My understanding that wells in these fields are lowish producers but are more of an annuity play where the cash is recovered and then keeps flowing over a longer period.

As I see it we are now in the ramp up phase as the MAD development and high impact drilling picks up after a difficult H2 in 2012.