reserves, page-2

Yes S7, those reserve revisions cutting the opening balances are a worry-does this mean that they can't economically recover the gas from certain of the lower sands?probably not the reason. I would guess that it has more to do with the necessity of being conservative and having absolute proof that those reserves are there - this follows on from the Shell debacle where they overstated reserves for a couple of years - this has put everyone on edge about the reserves they disclose - but I'll put that question at the AGM in three weeks time and let you know.
Great to see the nat.gas prices continue to edge up - looks like PSA will be lucky a second time - prices were booming when West Cameron came on stream in Jan2003 and now with Vermilion production less than six weeks away,the prices are getting up there again.It's good to have some luck on your side in a well-run business such as this - the icing on the cake.