Ann: Correction December Quarterly - Cashflow Re, page-14

re: Ann: Correction December Quarterly - Cas... A possible gap is the overall context I think - looking at individual drills rather than the whole project makes things confusing. There is the whole field (Napville) and then the individual sub-fields such as Desiree & D&L, within the sub fields we also have the defined units which identify sub surface reserves (eg, Cris II, IV etc) Understanding this context makes it easier to understand the complexity of development and then if we consider the S'Hole issue it it easy to see why extra care has been taken. Also the authorities would be extremely cautious in any activity and rightly so imo.

I have never thought P'dome to be big brother but believe they were rather introduced to assist GGE in the management of the overall project. (ie GGE became operator back in 2010 and this is what was being farmed out to P'dome). The operator and JV partners are different things, as are the unit holders imo (of course!).

P/Dome are operators of the Desiree/Louise field and have earned their WI relating to this field by drilling the wells. Imo this relationship is a given and continues but it is the future development they are now not farming into. They have done a good job imo and should be commended for their efforts as a stuff up on Desiree would have been bad. The agreement stopping is not a show stopper imo but now gives us opportunity to revisit the plan and we are in much stronger position now than 2012.

I think the permits reference is the Coastal permit and drilling permit and possibly Unitisation order. Until the cp is approved there is no drilling permit but once cp approved I think site preps can occur.

Probably boring stuff and I may not be exactly correct here so dyor also and I would appreciate being corrected if it is wrong. What I am confident of is that our Mgt and team have been very hard at work and have overcome some large obstacles in getting to today's position. SP doesn't reflect this but one day I believe it will. In the meantime I knocked this up on the new computer. It's awesome to have a full screen after little one dropped the old one. As always please double check and it is all based on my assumptions and interpretation. betasp this gives some substance to the earlier post and reserves come from the table in the Dec quartely.

Cheers & bW
PS. Always remember I make this stuff up based on my homework, I have no O&G experience!! and every exam I ever did I thought I did well, some were were not so good!