Ann: Investor Update , page-14

From memory Nicolay is quite far from Cyrene-circa 200k, but this does not rule out Kane's contention.

Also, if you look at NSE's most recent presentation it seems to propose an interpretation that hydrocarbons have been migrating away from Nicolay to the North East and East. Not sure why NSE kicked off the campaign with this well, as from the look of the basin map in the presentation, it would appear that Nicolay was designed to test the westward extent of any gas in the Goldwyer. If this theory has some truth to it, Nicolay-1 may one day be viewed as a very successful part of the campaign.

Maybe the results from Gibb Maitland will give a better indication of the presence of oil in the Goldwyer. It would be worth following this well as it might give a better indication of the prospectivity of the Goldwyer. Just my thoughts. I'm no expert. I'll be keeping an eye on NSE's wells though.

Interesting too, from the same map, you can get a picture of just how sparsely drilled the entire basin is at this point in time. Recent activity in the Canning has proven that there are plenty of hydrocarbons in the basin. Just have to find them.