The Cath Trade is Back, page-24

In many ways comparisons are pointless, they are/ were different Companies with different size and types of fields, different WI, in a different cost enviroment, a different oil price environment , a different environmental awareness environment, a different world envionment, a different market environment and all the time the technology for oil recovery improves....

We are fortunate that we have the problems experienced with Chinquetti and Jubilee to learn from and while that means this field won't be rushed the very fact the JV partners will want to get a return on the Millions spent and capture the benefits of low drilling costs also means it won't be delayed either....

Many here look at the Shareprice and throw their hands up in horror I prefer to look at MC and the dollar value placed on our Resources ,which IMO is bit below where I feel it should be at this stage of proceedings ( currently about $ AU 4 Bbl 2C should be nearer $AU 5 Bbl IMO ) but is very low compared with the potential that lies in this field and these leases, however many larger players don't work just on potential they need facts, so to expect an above average MC with the current sentiment in the industry and with no Reserves or a DOC is expecting more than is likely to be delivered...with those requirements and others met and a change in sentiment things could change very quickly...

FAR is all about future potential and has that in spades , the difference between having a $ AU4 barrel placed on the current 84 Mmbbls 2C and $ AU 10- 30 + a barrel placed on a potential 150 +Mmbbl mixture of 2C resources and 1 and 2P reserves nearer production is very considerable , it will have costs involved but considerably less than the value added...that by the way doesn't include FAN, DJ, GB, Kenya or what the JV may find in the shallow waters...

This will not happen overnight, we are not even 2 years into what will be a 5-7 year development phase to first oil..however in between that timeframe anything could happen....

Cheers Whisky