tricom ann, page-4

Problem is than on inspection of the reserves report a large proportion came from the USR and workover program which hasn't had very good results.

Therefore reserves aren't 11.3MMbbl but significantly lower.

Mind you that's just as well as IPM have failed to stop the decline in production. at 450,000bbl/yr (assuming they work very hard to arrest decline) it will take them 25 years to produce this field. This significantly reduces value.

Tricom's research with respect to Selmo is either biased or simplistic.