to omr or jocam9 (or others), page-4

The rig to drill Main Pass is contracted to Walter Oil and Gas. Under the terms of their rig contract they have extended the term 3 times(by my count) and it is presently due for release +/- 15/4/05.

That rig is also scheduled for one week of down time for a statutory inspection.

As for price fundamentally it should be around $1.42(more if MP is successful) but the current discount is a direct result of negative sentiment to the stock.Cash flow and new reserves will do a lot to change this.

People can forget about dividends until the companys objective of 150BCF of reserves are met. They want to achieve that by the end of 2007. This is not necessarily a guarantee a dividend will be paid.

Personally I prefer capital growth to dividends so I hope they don't pay dividends at all.