The Ugly - I have no Ugly things to report

The Bad -the MD and A pushed the payment from Dec 2015 to June 2016 -

The Good - because the resource is so large and getting larger it's taking longer to size the estimate . Interoil needs as much cash as they can get and wants  those extra TCFE . Thus a push back.

slide 5 and 9 key points addresses the issue of size , movement of the fault line and the fact that Antelope 5 achieved higher gas rates at lower draw done pressures than any other carbonate gas reservoir on public record ,Antelope wells are at least as productive as the giant Arun field in Indonesia with Antelope 5 as the standout, Antelooe 5 performance will favorabely impact the number of wells .

Pavel M got some good comments - Total is pushing the Papua project at all levels , Great interest in E/A in a good position. Services are dipping in price and fewer projects will get built.

The IRR on  Papua LNG is higher than PNGLNG per Wood Mackenzie . Looks like 17 percent range .