Ann: Conventional Portfolio Update, page-12

Very interesting announcement.  Quite apart from the huge uplift in prospectivity of IW conventional resources from 1.75 billion bbls up to 2.2 billion bbls - both on a net mean basis to 88E - there were two other points that stood out for me.  Firstly, that as of 23 October, the company still expects a successful farm-out of the conventional play to be concluded this quarter!  From this it appears to me that the interest from potential farminees must be genuine and it must be well advanced.  Which is related to the other point that stood out for me.  It is contained in the quote attributed to DW.  The implication being that interest from majors would be partially towards to Torok as it was a) the source of the USGS recent upgrade in resource; b) still under-explored; and c) favourably located in terms of IW acreage.

Not only do we have a potentially large and valuable set of conventional assets, but potentially a unique one in that may provide for proven and established plays as well as new, emerging plays.

Meanwhile, planning for Winx#1 is well underway with road and pad construction commencing in a little over 2 months; and final seismic results around the YG historical discovery are expected prior to that.

Lots going on.