slow mover, page-2

I note the stated objective for PEL92 this FY is Reserves replacement. That is replace the 2 million barrels produced. This will require 3 or 4 Windmill size discoveries plus some growth of existing fields.

This will not be easy because, as has been pointed out by Auto, PEL 92 is a mature permit which has been well picked over. For example, last year the JV was drilling prospects of 120,000 bbls.

If Reserves replacement is achieved, there is no growth in the asset base and therefore you would not expect any great impact for BPT. It is more significant for COE as PEL 92 is its lifeblood.

For PEL 92 to become significant longer term for BPT, needs a game changer which replaces Reserves and more and opens up new play type.

Don't get me wrong, discovery is good but not a quantum change at this point.