The MD &A did not provide any surprises although I thought that expenses for 2008 in general should have been much less than incurred in 2007 considering no major field operations were conducted other than the repair on M6. I could query for a breakdown on consulting costs of $1.2mio compared to $1.8 etc but it is all pointless. Somewhere down the line we have to trust the new board but some questions are legitimate. I will probably write to the company and ask and let you all know.

IMO the real events of 2008 were :

• PDA with Exxon (this is priceless and the reason we are still here today)
• Scottia report
• The debatable farm-in with Petrohunter
• To a lesser degree, the excellent WSJ article (which was probably under marketing costs) and money well spent.

Before we conclude on 2008, at the end of the MDA, the following caught my attention: (page 14)

1. Exxon is evaluating the existing wellbores and determining its recommendations for the IWP (Initial Work Program).

If my understanding is correct, Exxon has paid $25mio already and will spend an additional $50mio under the IWP to test the company's well bores (i.e Magy1, M4, M6, M7) or drill one or more new wells... The IWP has a cushion of one year after commencement. I can only deduce that the evaluation process is underway and that we have a slim chance of an update before year end on the IWP. Can someone care to comment on this ?

2. The company's activity in the U.S in 2008 will be focused on the testing and completion of 5 wells.

We are referring here to Buckskin and unless there is a mistake, (this report was prepared on 26nov) the chances of an update on this exercise may arrive around year end.

So the answer to my question is that we will probably get another news release in december more likely on Buckskin rather than XOM as whatever is going on in Hungary is strictly under the due diligence of XOM and being what they are, will only speak when the time is right. There is a slim chance that it may happen still this year as TK politely hinted. :-) Azz