Ann: Q&A - ERM Power transaction and AGM, page-13

Surandy I have been pulling my hair out as to why we cannot get reserves before the meeting. I came up with this thought.

Its clear from the RISC report that pressure contact makes a huge difference to what the fields will hold. They only used the EGO - No pressure contact in the upside scenario. If there is such a huge difference of opinion then I am of the mind that RISC wont certify the reserves unless you use the view they have that the field is in pressure contact. I think that what they will certify is not great so hence why you have to drill another well to find out and prove who is right.

Hence why I think this will trade lower and the $10 million CR will be very dilutive and beware if you dont take it. However at the same time it will truly kick the Top-up into the probably never category. So really I think this is one of the punts of the year. Have a go if you will and see what comes of it next year.

Any thoughts