trades, page-22

Hi silhouette,

The figure that you have picked up is total depth or measured depth, not vertical depth.

Total depth = vertical plus directional change to horizontal plus productive lateral section.

If you look at page 32 of the 11 March presentation, you will see comment that the potable water reservoirs are at a vertical depth of 3,000ft whilst the laterals are 8,500 - 9,000 ft deeper: i.e. 11,500 - 12,000 ft true vertical depth.

If the laterals are about 5,000 ft (they vary), you can see how the 17,000 ft reconciles.

The vertical depth for the more northern, oilier, areas of longhorn and sugarloaf (and the whole of excelsior) is shallower than that of the gasier areas of sugarloaf and ipanema. But the variation is not that great.

The Austin Chalk sits over the shale.