Hi MF; I have been thinking a lot about the AGM audio presentation and have concluded that Warren's presentation was very significant, his point about the Repsol/Noble hole having discovered hydrocarbons was very important to him and how he explained that RN were only drilling one target and how CGX intends to drill through many targets with their first hole. Warren made a point of mentioning the old Abary well as having produced hydrocarbons as well, in between these two holes is CGX's PPL.

Of major interest to me is the fact that Repsol/Noble decided to drill their first hole very close to CGX's PPL.

Kerry pointed out that Repsol/CGX will partner on the 3D contract. If I understood correctly RN only drilled one well instead of the proposed 2 wells and will be drilling the second well down the road sometime. Kerry mentioned the possibility of Repsol & CGX sharing the same rigg when that time comes. I think the possibility that Repsol will be the JV partner just got a lot stronger IMO.

The discussion that Kerry had regarding a hostile takeover was very interesting, CGX voted to have a 75 day window to find a "White Knight" in this event and Kerry pointed out how the JV process had produced a stable of "White Knight's" that they could call on if they needed to. This discussion made it very clear to me that CGX is concerned about a hosite takeover attempt and they are taking measures to deal with this scenario should it occur. CGX knows what they have and that the majors will want it.

After Noble announced they were abaondoning the hole OYL took a 33% haircut because the market interprutted it as a "Dry Hole" when in reality they found hydrocarbons and the market now knows this. Fridays 20% gain is just the begining of what I think will be a steady move north for this stock, of course just IMHO.