Talon Today, page-1082

Thanks Tui.

To some extent they are all in this together but what we have is an earn in right to a 33 percent share in the project upon completion of the pilot wells and our expenditure on those.

TMK own the rest of the project and had the MOU with PetroChina.

I agree with RedRooster2 that there are likely still discussions at play. No doubt there will be more if/when gas is brought to surface successfully with good flow rates. That's the key driver for getting increased value from Gurvantes imo.

My originally reply was just for the purpose of quickly saying that it is nothing to do with TPD management, as we do not have any agreement ourselves with PetroChina.

Another way of putting it:

1. The blessing of being in non-operated positions on our two current major projects is certain business efficiencies.

2. The curse is that we have to wait for the operators (STX and TMK) to move things along before we get to announce anything ourselves.

Fortunately they seem to both be pretty pro-active partners overall, not least in both having the desire to efficiently explore and develop the projects.