wpl ching spin, page-19

re: wpl ching spin ( wa leaders conference ) ellroy

In the words of the CEO of Dana in their July AGM Statement: "Dana is planning to drill an important exploration well in Block 1, offshore Mauritania. Following encouragement from the recent electromagnetic surveys, the Block 1 joint venture group has decided that this well should be drilled to test the Faucon prospect which has the potential to contain over one billion barrels of oil".

So from that its not clear whether they did CSEMI over only Faucon or over Petrel as well and then chose Faucon. Somewhere else Dana has said that given the material impact of either of these wells it was decided to give whichever one was chosen the best possible chance of success by using the CSEMI. Another HC poster has also noted that the Dana JV is more likley to be actually loking to prove up Block 1 as having hydrocarbons than "testing" different play types like WPL is doing in their blocks. So there's a better chance of success.

H