Ann: Operations Update, page-21

Looks like the Shale team may well be testing both Oil and Gas, why Not? The lower zone appears to have plenty of the latter, without Brussel Sprouts and gravy. In addition the more southerly North slope was at that time disregarded as it only seemed to offer more gas and less oil.

As for getting in early offers, why on earth would you bite on those? that is giving it away!! The professional negotiating team based in Houston know what they are doing. I am happy to let them maximise bidding numbers as well as bidded values. Will three months prevent or enhance an accretive position? If and it is a big if they are looking at the whole of the Icewine Conventional then this may take a special purpose vehicle, rather than just one bidder.

Its all good