1. 29 Jan 2009 - (HUNGARY) Drilling on Foldeak 1 Well began on 14 Jan 2009

2. 16 June 2009 - (AUSTRALIA) Closing of 25% working interest in Beetaloo Basin.

3. 13 July 2009 - (HUNGARY) Merril Lynch and BMO announced as advisors for partner iniative in Hungary.

4. 18 Aug 2009 - (AUSTRALIA) Ryder Scott estimates on reserves in Australia

5. 26 Aug 2009 - (AUSTRALIA) Merril Lynch and Moyes & CO announced as advisors for partner iniative in Australia.

As its a bank holiday today, im getting bored so here is my blog.....

I was reviewing the news releases of the company in 2009 and as we approach closer to our deadline of October. I may have missed the odd ones which you will no doubt point out. But it is apparent that the lack of news coming from Hungary this year (which is of prime concern to all) demonstrates inevitably XOMs slow and trepid work progress. As drilling began in early Jan 2009, it is worrisome that no updates were properly given. This probably explains news release 3 which I still, believe was an initiative by the board to show its options to Exxon. In between, MOL has not provided any indication what has happened at the adjacent HUD. Exxon is simply not in a hurry because there is no need for them to be.

The consequent efforts to focus on Australia leads me to deduce that this is to attract partners on a double deal - Hungary and Australia combined. Is this dependent upon XOM providing results - not necessarily because the serious players know there is gas there. I do not expect either that Exxon will shortly announce astounding testing flows. It will still be a long process before we really get there. I still believe the share price will swing wildly soon, I wrongly assumed by mid August before but will move it one month ahead - say 15 Sep onwards (I-m sure TK will not mind this ) for two main reasons

1. Exxon announcement of the flows which may be perceived as exciting or dissapointing.

2. The company officially announcing that it is in talks with a partner for Australia and Hungary. I am unsure however how this will affect XOMs decision to move ahead with the next phase and give us the next 75mill....

Overall, my take is that this may mean an SP of 1 to 1.5 by year end and assuming convincingly that we will get some fair test results but not stellar and also because the capital markets are getting more lively.