whos going to ?, page-29

re: petsec post agm lunch... Three questions:

1. From what i can see the only wells brought into production durring 2003 were WC A14 and A19 (attached to the existing WC 258 Platform A) and yet development expenditure totalled over A$20M during this year.

Vermilion 258 requires the development of a new platform and the associated pipeline, and yet is budgeted to cost only A$11M.

How is this so? I am obviously not accounting for something significant..!


2. Can someone please provide me with a breakdown of how they account for the US$28M in exploration and development expenditure budgeted for 2004.


3. What is the difference between Net Revenue Interest and Working Interest?


Thanks