I thought that they were plumbing in for testing.Hilcorp has to...

I thought that they were plumbing in for testing.

Hilcorp has to slot in the 3 Longhorn and 1 Ipanema wells.

ADI will pay 10%. Even if there is no cash flow before the first cash call for the 1st round of drilling post free-carry, it can pre-pay 10% of about $50m - that's a lot of drilling.

Kennedy flows suggest well payback in the order of a couple of months. We have to see what Easley can do, then Morgan in (hopefully) the more oily part of the acreage (as Kowalik initial flows suggest).

ADI has the other Yemen block to sell and the directors have said that they are seeking bidders from what I recall.

I don't think that the directors have anything to worry about.