Raymond James March 14th

[admin]

Yea, things could go quite fast now:

• New licenses already in the bag
• Closing of the Total deal
• First Total payment
• Say we have one out of three from the new prospects now drilled (anything more would be an enormous bonus)
• Appraisal of E/A and Triceratops

When the smoke clears up it's quite likely a very good deal, cash in the bank and three multi-Tcf prospects totalling well over 10Tcf

Is that priced in? Not even close as you also have to realize closing of the Total deal will remove most risk and therefore almost any downside..

If well over 10Tcf is confirmed, it also opens more doors, like a two-train LNG plant with Total and perhaps early gas delivery for a third train at OSH/Exxon. Not necessarily, but certainly possible. The latter delivers faster cash flow.