Ann: March Drilling Report, page-2

Another Wet Gas discovery.

Well done to DLS/STO. Very happy with the continued success, which is all the sweeter as DLS is free carried for the drilling and development of the fields.

A shame the last 2 PEL 91 exploration wells were sub commercial, albeit they both did find net pay. So that should further assist with reprocessing of seismic and new targeting. Especially since today BPT is talking up all the new targets they have in their Western Flank acreage.

On a slightly different topic, BPTs share price rally since the Chevron pull out is interesting. Perhaps there is indeed some value in the Central Unconventional play. Which obviously bodes well for DLS and its ATP 940 tenement. For now though I prefer to simply leave it out of any valuations, as its quite long dated.

Sooner or later BPT is going to have to stop talking about Bauer's 2P increased size, and actually tell the market. They have had more than enough time to crunch the numbers.

The slowly rising POO does not hurt either (I am talking about from the lows in Dec/Jan.