Begrudging Hession

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From the last transcript....What they're doing now, I mean Antelope-6 is just finished and as of today like the absolutely clear, Antelope-6 is the last JV approved well. That's it. Now what we're faced with is should we do another. Things has come to the full, this well test has told us that we don’t see a barrier out towards the West. So what we need to do and the JV need to do is put the pieces of the puzzle that it literally just arrived on our desk together. But there is one thing and I think I've been absolutely consistent about, we will only agree to Antelope-7 and this is an object because as you say it requires unanimity, we will only agree to Antelope-7 if it delivers materials upside to our shareholders. That's the only lens that I am looking at it through. But I'll go back to, today there is no Antelope-7. It will be our JV decision and we are working through that at the moment. Evan Calio And what are you trying to say, does your position at least relate to analyzing this newly arrived data to understand how confident it maybe to derisking a larger number and there Antelope-7 not being necessary. I am just trying to understand what InterOil's trying to decide whether or not they would support it or what you are waiting or analyzing at this point? Dr. Michael Hession Yes, you've actually got it there. I mean there is two things here that we've taken about. It's the time and then the potential size of the price. Now this extended well test, what we need to understand is has this group or helped improve the position of the flank further out to the West. So, what we have to do is we have to understand has that reduced a need for Antelope-7, which is entirely possible, Evan. Evan Calio Yes. Dr. Michael Hession And I'll go back to it about we didn't expect, we didn't have great expectation from Antelope-6. Remember, Antelope-6 was off to the flank to the East. So, three, two and a half, three kilometers away and now what we need to do is we need to sit down and put the pieces of that portfolio together and see how that affects the potential size of the price for an Antelope-7 well. And I will look at that and I will look at the timing. And we will just literally towards the value equation and decide there in it. Evan Calio Great that's helpful. And I think I have my follow-up to what you just stated is really a broader question I mean it's a more direct, I mean what do you think the resource estimate is at this point I know it's in the context of new data where you have hard GLJ estimate additional flow data at N5 and details from page ten of your slide was some more to the prior but even more convincing from the prior flow test Antelope-6 data. I guess just specifically why isn't the GLJ 350 estimate is your multi-year auditor supported by the flow test why isn't that your reference cases as you think about it today? Dr. Michael Hession That’s absolutely fair question Evan. As we go through this process we started and I started fairly conservatively what needs to be happening is that GLJ appears to be getting it right again and again for instance I mean David can confirm this, GLJ field [Medalma] David Kirk GLJs are the one that predicted and we didn't see it East. Dr. Michael Hession Yes, so GLJ were more correct than we were. So GLJ also do as David said see volume out towards the West and they agree likely Western extent to the field. So you got to wonder whether the end of this process GLJ may be right. But what we have done is we have tried to go through a very conservative process and we always said we believe there is enough gap between the two. Now I would also say as David commented earlier different auditors have different processes and the thing that will bring them together is the wealth of data we are data driven company and what to ensure here is now that the data we have got would drive it to the best result. But if you look at the predictive nature of the GLJ work they have said to get it right which is somewhat [indiscernible] Evan Calio Maybe last if I could. Somewhat of a summary to understand this so and it relates to I think Neil's part of question. I mean the difference between GLJ 350 right and the steel gas decline is 3 Tcf of gas right and that the primary difference and correct me if I am wrong relates to that the western flank assessment right and so that's 1.2 billion under the payment mechanism with -- right there right but the difference between those two estimates so is that a fair assessment between those two as you think about Antelope seven and it sounds as though what you are saying some of the data you have today may have bridged that 3 Tcf difference without the need to drill Antelope seven where Antelope seven maybe I guess conclusive which is those two end points of the resource is that too simplistic or can you comment on that summary? He said unanimous....