Jaguar was always the exciting target...now, potential has gone from 700mm barrels to 1.1 Billion barrels as per Repsol. We own 25% or 275mm barrels of that potential and if they hit, our share price will move dramatically upwards from these level, probably 25X our current price. The odds of us hitting are somewhere between 20% to 50%. Considering Repsol and Tullow's track record, I think we are in good hands here.

There is a big dicrepancy in odds of hitting vs payoff favoring the buy side. Hence, our share price here will recover to a respectable level before the drilling reaches the target no matter what other issue the company has. I think 50-70 cents range would be respectable and maybe even higher as we get closer to the date of total depth so buying down here was a no brainer...the hard part is waiting and watching.

G.