A7

[Getitrt2]

We do not know that the "base project" would be delayed by a year, and I do not think it would.  I think an additional billion dollars cash in less than a year would be hugely positive for IOC and its future and its stock.  I think there are significant questions left about the fault that could affect the certification, and would be interested in Pet's comments on your comments about the need for A7.  I'll go with the judgment of IOC's experts on all this.

The PRL 15 discovery well has been specifically and consistently identified as Antelope South by management, and I have heard no one else suggest it should be anything else.

An incremental billion dollar check will matter to IOC's stock price but I bet not nearly so much as when the FIRST billion  is received.

Getting the stock price significantly higher in the next year with a billion more is more important than a gain to a not as high price sooner, unless you are just looking for a lesser exit point sooner.  Furthermore, an additional $1 billion in the coming year puts the Company in a fundamentally stronger position to take advantage of opportunities for years to come and should add permanently to the stock price.  As Raymond James stated, "As always, it is more important for this process to be done right, rather than done quickly".  I also say, "Get it right", as long as the benefit exceeds any detrimental effect, and I think that is what this management is trying to do.