Marlboro and Glindway

Sorry guys, I have been busy recently and your questions are covering too many subjects to have just a short reply. I may get back to you on the weekend.

Indeed, it was a lucky sell last week. Between CLL and Poseidon spinout gains I cover most of the losses in this not so good year.

Just the short caution about JV.

If this ever come to play it may not be beneficial to CLL shareholders. CLL have no available cash to contribute to JV. All cash has to come from the JV partner. The only thing CLL can add to this partnership is the Oilsand reserves.

Due to high risk and low productivity rate of the reservoir (65 to 70% of design capacity) JV partner may insist on as much as 75% of plant cash flow which after the maintenance capex will not add much to CLL account.

On another hand it will reduce sustentialy CLL NAVPS related to oil reserves.

Additionally they would have to commit major drilling program to convert the 2P reserves to 1P for the Algar extension.

CLL is now prohibited to issue a new Debt due to the restrictions related to the last Debt Refinancing. This is why they are selling assets to pay for the convertibles.

The share dilution or selling more assets may be the only option.

You ask about getting back into Connacher in the mid-70's?

I have no idea were the CLL SP will end up after last rumour fiasco. IMO the more important question would be: why would you want to get back to CLL?