Ann: Jaws Pilot Update, page-21

I don't get it...the market could ascribe a value of $0 for CB...based on some sand in a wellbore? Well, I suppose anything is possible in this crazy world. It certainly isn't what any of us had hoped for but I have been in this game long enough to realise these things happen. Nothing is linear in this caper, it is a step by step process with mis-steps along the way. I'm sure Haliburton will rectify it and we will continue on our way. No damage to the reservoir is the most important thing here. $$ in kitty is a different matter we will have to wait and see whether a farm - out or sale occurs to raise some much-needed dollars. I would have liked SN to update us earlier on the sand issue even if only for the optics of transparency. With this push back in CB by one month it is likely WE might deliver first...who knows. I am still quite confident that one of the STX projects will come up trumps. We will see. Ox.