Hi Guys,

Interesting listing, even though I only post about once every year, this time from Saudi Arabia. Before I get to that a question to the group, does Connacher have the option to not go ahead with future upgrade, even if they get the upgrade license? In other words, instead of going for more shares to build another 24,000 barrel capacity, do they have the option to simply not take on any more debt and start paying down, thus increasing their value? Are the economics strong enough to do that? I guess the reason I am asking is because in the Sunday November 21st edition of Saudi Arabia's English language paper, under the headline bar "Weak dollar may be behind talk of higher price bar" there is a little news. Apparently Saudi Arabias Minister of Petroleum and Mineral Resources Ali Al-Naimi used to talk of having the price of oil being below $80 and now mentioned below $90 thus leading to speculation that there may be a new price bar in the works. If that did come to pass, would it be prudent for Connacher to simply wait, keep paying down debt and have share price increase through a higher value of oil and less debt, thus being more valuable.

I leave it to the board, possibly just another interesting option.