The numbers game here are interesting. There seems to be a conscensus that if Jaguar hits, our share price should be around $10 per share. At our current price of 35 cents, the market is saying we have a 3% chance of hitting. Repsol's results in the last few years are closer to 50% and with the help of Tullow, we have some of the best people in the business behind this project. So not sure our chances are 50/50 here but they should be a heck of a lot better than 3% IMO. When the market realizes this, I think we will get a good reprice of risk here.

The other thing is if they hit at Jaguar on that Turronian target, than our 100% Turronian target at Eagle Deep should be derisked to some extent. That potential reservoir has been estimated at 2.5 Billion barrels of oil. Even at a 10% risk factor, that gives us 250mm barrels of oil for another $10 in share price. I know this is very high risk high reward and that our management is suspect (luckily they are not in charge of drilling anymore!) but the ratio of risk/reward seems skewed to the buy side IMO.

G.