what value is ssn, page-4

Hi Buc

I don’t believe FPEC will buy back because they will have to reimburse SSN $5.32 Million in total for the drilling of Gretel, Australia 2 and the 1st Tranche of 20,000 acres baced on the information to date. I would also add if SSN were confident of the project when would they purchase the 2nd tranche of 20,000 acres. SSN are geologists and engineers whist FPEC are land men and legal hence why they perferred to make their decision 90 days after the frac rather than opt in prior to results. With Gretel at 20 BOPD and Australia2 at 37 BOPD I’m not sure if they would consider it commercially viable at this stage of the drilling campaign and Abercrombie is 1 mile from Gretel of which TB has basically written of a third of the acres to the north of the Brockton Fault line.

Cheers Matsim