I'll keep this brief, my notes from the AGM.Heron, data room to...

I'll keep this brief, my notes from the AGM.

Heron, data room to open before xmas
have already spoken to interested parties
complete farmin first half 2011
much smaller deal expectd than pbr

Artemis/Dave Maughan
luck in timing that cvx and wpl did not get artemis
pbr had been looking for 6 years in this area
pbr board instructed their negotiators to "do whatever it takes" to get the deal done.
consequently they blew everyone else out of the water with a "knockout bid"
pbr involved in geophysical analysis with meo, which was "strongly indicative of gas" and a "very good chance of success for a wildcat"
cvx and wpl next door add up to 12tcf combined
and that wpl are watching carefully as they are on the northern border of artemis, artemis is "gas land"

Songa Venus
rig goes to Total afterwards for possibility 4-6 months
if success at artemis, they are talking to other rigs as we speak and also the SV people to negotiate further drilling

My conversation with Dave Maughan
32% chance of hitting gas?.....the trap was set at 50% due to it being a similar TRAP to Perseus, this is conservative in his opinion these are the rules that are set and used by exxon and pbr has agreed.....he is personally "very confident" v/s the technical anlysis, made mention of the correlation with cvx and wpl and that this is gas land....the dhi multiplier although did increase/improve the overly conservative estimate on the trap....he told me a story of at his last job, he discovered 15 tcf's which turned out to be 18 tcf's, was interesting.

Personal Assistant
Shes a cracker, had a crack for the meo HC team, but i think she saw the ring on my finger and dollar signs in my eyes.


Hope this helps a little.

Blue Horse Shoe