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From my read of the announcement CNOOC now has a 10% increase from 50% to 60% of current permits and this includes the new permits as well. Of Exe's 40% holding, CNOOC has acquired 9%, with an option to acquire another 11% approx. A dilution for EXE SH, but necessary as exploration has now been funded through to 2013-14. I agree this sends a positive message re EXE's tenements. Something for us all to reflect on is the future costs to get to production / and the necessary future infrastructure build. I would prefer EXE to do a CR at this time, which CNOOC could participate in as a shareholder of EXE. Just my view that it would be good not to further dilute the 40% if at all possible.

GLTH