Ann: Quarterly Activity and Cashflow Report to 31, page-4

re: Ann: Quarterly Activity and Cashflow Repo... mmmm ok didnt realise this

"drilling a successful exploration/appraisal well Cornea-3; and"

"The results of drilling and logging can be summarised as follows.
1. An oil column of 20.4m was intersected between the gas oil contact at 785.6m MDRT and the free water level (as defined by pressure data) at 806m MDRT. The logging has established a clear oil and water gradient a significant improvement on the position known before the well was drilled. This will better enable the assessment of the aggregate quantity of hydrocarbons across the greater Cornea feature.
2. Extensive efforts were made to sample the oil, but the unconsolidated nature of the reservoir meant that, on every attempt, the MDT test tools became blocked with sand preventing fluid sampling. The failure to recover fluid samples was somewhat disappointing, but oil samples had been obtained by the previous operator.
3. A considerable number of pressure testing results were obtained which enabled the establishment of oil and water gradients and hydrocarbon contacts.
4. The condition of the hole through the hydrocarbon bearing section was excellent and enabled the recovery of high quality log data from the Magnetic Resonance tool. These data are now being analysed to deduce reservoir porosity, permeability, water saturation and oil viscosity.
Overall, the results of Cornea-3 have, for the first time, clearly defined the location of an oil column. As noted above, the condition of the hole through the reservoir section was excellent. A great deal has been learned about how future wells can be drilled in the greater Cornea feature. This has given the Cornea Joint Venture confidence about the ability to drill subsequent horizontal wells through the reservoir section.
Looking forward, the data obtained from Cornea-3 will enable the Cornea Joint Venture to formulate a future exploration, appraisal and development strategy now that an oil column has been proved and that good data relating to the potential reservoir performance has been obtained."



So Cornea 3 was a discovery?