Good point SP3.The EORI study was done free of charge but...

Good point SP3.

The EORI study was done free of charge but they'll have to pay Ryder Scott to do the certification.

Why have the certification done? These are my thoughts:

1. You'd have to have a fair amount of confidence that the 23 M BBLS can be certified by Ryder Scott.
2. Why would you pay money only to have them certify reserves as P3...that wouldn't really do anything for the project or the SP. You'd want them to classify reserves as P2, and the only way that will happen is with the CO2 agreement.

The more I think about the methodolgy behind this the more inclined I am to believe that they have a tentative agreement for CO2 but are awaiting the certification of reserves.