reply from barnaby

hi all just got this email from barnaby,im sure he wont mind me posting it theres nothing sensitive or secret in it..

Hi Mark,
yes a huge kick in the guts to drill a dry hole like this. There will be a good deal of post drill analysis done on Avalanche with all logging and down hole seismic data entered back into the surface shot 3D survey to give a clearer picture of what we are looking at. The well at Avalanche was the first well drilled in the area to that depth. It was in effect a true wildcat well based on high quality 3D. We now have an analogue well that tells us what we actually see on the 3D and when/if the its decided to drill well#2 your risk profile is hugely reduced. Its early days but I think we will see a second well drilled in 2012 at Avalanche as there are an additional 18 prospects in the survey to test.

We have not been sitting on our hands while this well was drilled and have been busy looking at and working on other plays. The O&G exploration business is a keep looking forward business. We are doing just that and we will continue to look to drill 1-2 high risk high reward plays per year and a host of smaller low risk plays.