Gaps have been closed, page-4

15p by the end of January? I'm hoping it don't take that long for a definitive production test. It won't crawl
to 15p, that is a certainty. There are only 3 possible outcomes ;

1. 77H fails to be proven even at a "concept" level. SP 5c. If failure is put down to technical problems
with a "learn & go" approach to enable a smarter and bigger 2nd well then the SP 6-8c. It all of course
depends on the flows. I would guess that if a 24IP returned only say 60 bopd & 0.5mmscfgd then then an SP
of 5c is reasonable.. I think we may have about $7 million on hand {less any cost over-runs on this well}
Call it 4-5million. Not much of a CR to enable funding for a follow up well.

2. 24IP @ 120 bopd & 1..5mmscfgd. The well at these rates is proven "concept" imo, giving great
confidence & impetus to drill the 2nd well as an almost proven play. The chances of a bigger and better
2nd well are surely enhanced. SP 15-25c.

3. 24IP @ 200bopd & 2mmscfgd. SP 25-35c.

I accept any of the above 3 outcomes, just don't want to be waiting till the end of January to learn
which one.

Any longer than 3-4 weeks for clean up to be confirmed would raise serious doubts as to the
average flow-back results post work-overs, flushing, new frac tree, nirogen gas lift etc. It would
for me at least start to raise some serious doubts as to the integrity of the well- not saying there
is not commercial quantities of oil, just saying that 2-4 weeks should be ample time to flow back
the remainder of the original frac water plus the additional water added for flushing IF the well
has regained even 2/3's of previous flow rates established over the 1st 8 days of flow-back
operations.

We wait, as usual.

GLTAH