Ann: Sugarloaf Operational Update , page-20

AUT price totally dislocated from ADI for some reason. The market has been valuing it at 1.5 to 2 x ADI for months. Even more surprising considering Longhorn appears to be to the north of Kowalik which produced a condensate/gas ratio of 320bbls/1mmcfg when it first flowed, which beat Kennedy, further south, at 258 on the recent frac, which beat Weston, further south again.