September Qtrly, page-5

Hap & all, I hope not 20 years but you never know.

Whilst not directly related to us there looks to be a lot going on in GOM which is interesting and keeps one occupied in the quiet times. Pound for pound this compares well with any peer but market not interested for now. PSA is similar and I think your SSN has done much better than current SP indicates. Oil price hasn;t helped the sector sentiment but none of that a real surprise and we are well placed operationally to ride out the lower prices. Hopefully Gas price will pick up over US winter like last year and WK & Abita can make up the difference.

I'd be waiting to drill, save the cash or buy something cheap. Also that competitor well that was drilled has it's unitisation hearing next month so in a couple of months once completed we could get an indication of flow rates, if similar to Desiree should give us a bigger picture of field potential. Also there was another 11,000ft well done 13km's SW of Desiree tested 474Bopd & 2Bcfd Gas. There hasn't been much drilling over the past few years so these results indicate whilst the fields are old there is still opportunity and the deeper stuff is the big unknown.

Hope all's well.
Gotta song for you from the HS days