E&P Projects & Future Plans

Thanks for finding this aktierman. I find Session 2 equally if not more significant. Session 2 includes the following discussion items • Accelerating the Kurdistan Oil & Gas Plan 2015 – 2019 • Exploring the potential of oil and gas reserves in the Kurdistan Region of Iraq • Responding to the market supply and demand dynamics • Boosting development projects in the Region • Remaining milestones to further expand business in the Region • Enhancing Kurdistan’s output and examining the challenges facing development Interesting that GKP does not feature in the session yet Shaikan should be the single largest contributor to production growth during this period. Oil company participants are Chevron, Genel and DNO. Is this recognition that GKP cannot accelerate the plan in the 2015 – 2019 time frame without help from the likes of Chevron? The KRG plan calls for a production increase from 1 mmbbl/d to 2 mmbbl/d between 2015 - 2019. Chevron has the Sarta, Rovi (adjacent Shaikan block) and Qara Dargh licences. It has not yet made a discovery although the Sarta Central A1 drilled and tested in 2010-11 by Reliance did produce 1000 bopd. With its acreage only in the very early stages of exploration and not yet demonstrating that it can contribute significantly to forward why does Chevron earn a place at the table for this session? What can it offer, or what has it offered, the KRG towards accelerating the plan? Perhaps this is when we may hear more details from the KRG of Chevron's involvement with the heavy oil pipeline dedicated to the Shaikan/SA/Akri Bijeel area and the extent of this line. PS “Todd F Kozel, Executive Chairman and Chief Executive Officer, Gulf Keystone Petroleum Ltd” Hope he doesn’t wear this badge at the conference. It would be a bit misleading would it not? Regards, Gramacho ============= Session 3 E&P Projects & Future Plans ———————————————————————————————————————– Outstanding drilling successes and the major discoveries this year Exploration plans underway; reviewing the development of current plans Identifying project opportunities for EPC contracts and contract models Attracting investment across the oil and gas value chain Assessing new opportunities for investment in the provinces Outlining the role of the foreign oil and gas companies in supporting job creation What potential partnerships are on the horizon? Chairman Opening Remarks: Nadhim Zahawi, MP, UK Parliament Todd F Kozel, Executive Chairman and Chief Executive Officer, Gulf Keystone Petroleum Ltd Tom Schmitt, Senior Vice President of Kurdistan Development, Hunt Oil Company David D Kennedy, Regional Managing Director, Afren Africa Middle East North Africa, Ltd. Baz Karim, President, KAR Group David Cook, Executive Officer & Head of Oil & Gas, TAQA http://www.cwckiog.com/conference/day-2/ Hmmm...Todd Kozel is going to talk about potential partnerships....! Should be interesting.....! ========================== Re: 17500 bopd for 2013 (average)->No... GKP.L 81 I have just re-watched Ewen’s presentation from the Investor day and especially the section from about 2 mins 55 seconds in for the following 2 minutes or so. In it, EA actually refers to his projection of an “annualised average of 8500 barrels per day from Shaikan” explaining that this would be the average figure taken across the whole year. He then proceeds to describe how this will be achieved, citing 5000 bpd in July, 10000 bpd in August and increasing to the targeted 20000 bpd for PF-1 in October, in effect increasing production by 5000 bpd every month… and then carrying on the same way with PF-2. While his commentary is slightly inaccurate in places, for example in that he then anticipates 40000 bpd at the start of 2014 (should be 35000), it is very clear to me that GKP’s target is to add 5000 bpd of production each month until they to get to the proposed 40000 bpd for PF-1 and PF-2, and use the constantly increasing revenue stream to then continue to grow production at much the same rate thereafter. In essence, he was saying that production in H2 2013 was projected to be:- July: 5,000 bpd (ie 150,000 barrels produced) August: 10,000 bpd (i.e 300,000 barrels produced) September: 15,000 bpd (i.e 450,000 barrels produced October: 20,000 bpd (i.e. 600,000 barrels produced) November: 25,000 bpd (i.e 750,000 barrels produced) December: 30,000 bpd (i.e 900,000 barrels produced) The projected total for H2 2013 was therefore 3,150,000 barrels = 525,000 barrels per month = or about 17,000 barrels bpd… or, on an annualised basis, 8500 bpd. As Finance Director, EA would simply have provided ‘projected’ figures based on the information available to him at the time, and no doubt assuming the anticipated levels of production contained in the Shaikan FDP. Whether those projections have actually been met or there have been any operational delays or restrictions caused by the ongoing political saga, I have no idea. But I see absolutely no reason for anyone to doubt that the ‘plan’ was very reasonable, and clearly outlined by EA at the Investor day. To me, his figures make total sense. And yes, it would have been good from the point of view of investor reassurance for us to have seen an RNS by now detailing exactly how GKP is doing in respect of those projections. But it is perhaps worth noting that the Investor Day was on 4 July 2013 and we should be receiving the latest operational update together with the interim results on Thursday 19th September, not much more than 2 months later. Not really all that long to wait, I reckon, especially when you think how long it took to finally get rid of Excalibur! While I understand that DNO provide MONTHLY updates on their levels of production in Kurdistan, I am not so sure that the same applies across the board of Kurdish operators. So, I would be inclined to give GKP the benefit of the doubt, especially as they now have a large quota of NEDs to ensure that they adhere fully to industry standards, whatever they might be! How frequently, for example, does Genel update their shareholders on their production levels in Kurdistan? My impression is that their operational updates have never been particularly frequent, and I don’t believe there are too many people complaining. Anyway, Thursday’s update should certainly be very interesting in many ways, and I rather wonder if today’s rise was partly in anticipation of positive news. We will see. =================== Author scaramouche View Profile Add to favourites Ignore Date posted 2013-09-10 20:54 Subject JUSTICE ! Votes for this Posting Voted 167 times. Message Well, it has been a long time coming since that ‘Rejection of legal claims’ RNS first spoiled the festive season on 29 December 2010, knocking a swift 30% off the share price, as it fell from Christmas Eve’s close of 184.5p to 131p in a matter of minutes… and costing many ill-prepared or perhaps over-leveraged investors considerable sums of money. It is easy to forget quite how damaging or even crippling this court case has been for some of our former colleagues. Furthermore, in the 986 days that have followed that bombshell of an announcement, many of our fellow investors have ceased to hold GKP shares for all manner of reasons - whether financial pressures, persistent uncertainty, fear of an adverse CC result, disappointment with the failure of the share price to ever adequately reflect the fantastic assets discovered by TK and his team, or simply the passage of time with all the sad events that can happen in what amounts to nearly three years. So, the fact that this millstone has finally been removed is undoubtedly a huge relief to everyone, no matter how confident they may have felt throughout that the lawsuit was spurious and how much they believed (like I did), that Excalibur deserved to receive absolutely NOTHING for their efforts. My position has ALWAYS been that, if they had felt that they warranted a finder’s fee they should have accepted the original generous offer made to them or sued purely on the basis of that finder’s fee. The fact that they did neither, but subjected all long-term holders to nearly 3 years of misery and torment through a combination of selfishness and greed says everything to me. And the fact that Blackrobe, Platinum Partners, Lemos and indeed even Clifford Chance readily jumped on board, clearly eager to profit from what was in effect a form of blackmail targeted at our CEO, our company and its shareholders, tells me very clearly that unfettered Third Party Litigation Funding simply has no place in our system of Justice. I will therefore very much look forward to reading Justice Clarke’s full judgement when it becomes available to see whether he has any further comments on such matters. No, I do NOT share the views of those who see Rex Wempen and his brother as somehow warranting a “grudging form of respect”, or simply being guilty of “having thrown away a golden opportunity” and seeking to take their subsequent battle a little too far. Everyone faces disappointments or times in their lives when they may perceive themselves to have been victims of personal injustices. But few choose to follow up those disappointments by seeking extortionate amounts of redress which they know will seriously impact the lives of thousands of people they have never met. To put it in context, we should therefore remember that the Wempens and their 'accomplices' were making demands on our company amounting to up to £1 billion pounds or 30% of the assets which could have led to its total destruction. And this after having already turned their noses up at £1 million when GKP had been nothing more than a very small oil explorer operating on a shoestring budget! Because of them, many of us have been extremely seriously damaged by their actions, and I am pleased to see that, at long last, the boot is very firmly on the other foot. I make no apologies for saying this. Today, Justice Christopher Clarke delivered the verdict we were all hoping for and for that I am absolutely delighted.... but please don’t let us forget the pain and the trauma which all parties to the Excalibur cause have brought upon innocent bystanders like ourselves. Good to see then that Memery Crystal commented today “The Defendants will now seek to recoup their costs, firstly against the £18.5m currently deposited in Court by the Claimants and secondly, the balance, if any, from the Claimant’s third party litigation funders”. No let-up for Platinum and Lemos then since BlackRobe it appears have already fallen on the Excalibur sword. We will undoubtedly all be sleeping a little sounder tonight, but hopefully Rex and Eric, the TPL funders, and certain lawyers will still be tossing and turning, as they wonder what else might lie ahead. And hopefully, when the full force of LJC’s detailed judgement has been applied, Justice will not only have been done… but it will also be SEEN to have been done. AIMHO and please DYOR. GLA, scaramouche ===========================

RIL in talks to sell Iraq assets to Chevron

Author pathai View Profile Add to favourites Ignore Date posted today 08:15 Subject Votes for this Posting Voted 7 times. Message http://epou.net/?p=31144 Posted by Eta Phi Sports on Jul 18, 2012 in Military | 0 comments Reliance Industries (RIL) is in talks with Chevron Corp, the US oil behemoth, to sell its assets in war-ravaged Iraq at a valuation of close to $200 million. The deal is likely to give RIL a 15 times return to what it paid in 2007. An RIL spokesman declined to comment. Analysts, however, are doubtful whether a sale will be easy considering the political environment in that country. Reliance Exploration and Production DMCC, the overseas conventional oil and gas subsidiary of RIL, had bought a 100% stake in the Rovi and Sarta blocks in Kurdistan (north of Iraq) in 2007 for a signing amount of $15.5-17.5 million. This was bought from the autonomous Kurdish Regional Government and the contract had an option for a 15% interest to be exercised by the local Kurdish oil company. Unless exercised, RIL was allowed to hold complete interest in the two blocks. Later in May 2010, RIL’s stake in the block reduced to 80% when the self-ruled Kurdish government arbitrarily assigned a 20% stake to Austrian oil firm OMV Petroleum Exploration GmbH. While it was not immediately known whether RIL was compensated later for the 20% stake given to OMV, at $200 million deal for the two blocks, RIL would see an appreciation of 11-13% to the original signing amount it paid five years ago. This could turn out to be even higher at more than 15 times if only 80% of the originally paid value of the block is considered, if RIL was compensated for the 20% stake assigned to OMV. A senior analyst with a reputed international brokerage said it is good if a RIL walk out of Iraq but the question is whether it will be able to do so or not. “Iraq is a politically disturbed region and there is no clarity on the accuracy of the reserve projections for the two blocks. therefore, the Kurd asset acts more like a distraction than value addition for RIL,” he said. He said the company’s current focus should be to restore D6 gas field in India and US shale gas venture. The Rovi and Sarta blocks in Kurdistan are spread over an area of 517 and 607 sq km, respectively, and estimated to hold around one billion barrels of oil reserves. they are said to have almost 80% oil bearing structure and RIL had planned to drill four wells to a target depth of 4,500 metres, say reports from international media. DNA could not independently verify these details as RIL declined to comment on the nitty-gritties of the blocks. According to the company’s 2011-12 annual report, the company’s overseas subsidiary had undertaken well testing in the Sarta block during the last financial year, but it did not mention anything about the Rovi block. Currently, RIL has interests in 10 blocks under the conventional oil and gas portfolio overseas, including three in Yemen (one producing and two exploratory), two each in Kurdistan, Peru and Colombia and one in Australia. this cumulatively stands at total hydrocarbon acreage of 51,000 sq km. In the last fiscal, the company relinquished its interest in Oman -Block 18, Oman – Block 41 and East Timor Block-K where REP DMCC had 70%, 75% and 75% participation interest respectively, said its annual === Chevron Secures Major Deal in Kurdistan, But More is to Come 19/07/2012 18:17:00By HAWAR ABDULRZAQ ALI Font size: RUDAW EXCLUSIVE: ERBIL, Kurdistan Region -- Chevron’s acquisition of Reliance is part of a new wave of major oil and gas deals with Erbil and with these developments Baghdad policy of deterring Oil and gas investments in Kurdistan has ended for good. Reliable sources (from diplomatic, political and industry circles), who prefer to remain anonymous, have confirmed to Rudaw that several top league international oil companies are following ExxonMobil and have signed or are about to sign big new contracts with Kurdistan. In addition to the Chevron deal, which was announced by the US company today, new deals are in the pipeline with the French company Total; a Russian state controlled company; and possibly the Norwegian company Statoil. Both Total and the Russian company are believed to have some other investments in the south of Iraq under contracts signed with Baghdad, but Statoil has already pulled out of a big oil field in Basra due to poor contracting conditions and have said they prefer to work in Kurdistan instead. The Chevron deal involves the acquisition of the Kurdistan operated assets of the Indian Reliance Company, plus possibly the acquisition of many other unnamed interests from the KRG, as Chevron, just like ExxonMobil, sees itself becoming a large player in the Region. The details of the Total deal are still secretly guarded, but Rudaw’s well-informed industry sources are pointing to an agreement between Total and Marathon of the US, which has four contracts in the Region. The Russian state controlled company comes as a big surprise, and its deal involves a direct contract with the KRG for KRG’s remaining share of interest in the blocks operated by Western Zagros. These developments come soon after the recent decision of the Turkish authorities to grant permits for an oil and products trade with KRG, and the import of natural gas by the Siyahkalem company for power generation in Turkey. The gas import will be at 700 million cubic meters initially starting in the year 2014, which will gradually increased up to 3.2 billion cubic meters. According to the Rudaw sources close to Ankara decision makers, the scale of Turkish involvement in the KRG energy sector is gradually becoming clearer. These sources point to the existence of a major exploration deal between a Turkish state owned company and the KRG. It is understood that KRG has already agreed to award several contracts and approved other contractual partnerships in favour of an unnamed Turkish state company. Rudaw believes that TPIC is the main players in the deal. Potentially, this Turkish - KRG deal could be far larger than the deal forged late last year with ExxonMobil. These TPIC contracts point to a well-planned Turkish strategic policy shift towards the KRG to underpin its own energy security by accessing the large resources so close to its own borders, and to cement Ankara’s rapidly developing and growing economical and political ties with Erbil. For sure, KRG has now become potentially a big energy player in the region. Critics and doubters may be silenced by these latest KRG achievements, as these appear to vindicate KRG’s consistent and determined contracting and investment policies.

These new waves of major contracts, are likely to embarrass the anti-KRG oil policy makers in Baghdad who will struggle to explain the IOC’s vote of confidence in Kurdistan. A senior oil executive told Rudaw: “They will now realize that their tactics to deter investments from Kurdistan have totally failed, the KRG oil policy is here to stay, and to put it simply Erbil has won, and Baghdad oil policy makers have lost the argument.”

================= You are here: Home » Business » Companies » Chevron announces KRG block buy Chevron announces KRG block buy American firm Chevron on July 19, 2012, announced it purchased two blocks in Iraq's Kurdistan region held by India's Reliance. (JUSTIN SULLIVAN/Getty Images) By Ben Lando of Iraq Oil Report Published July 19, 2012 Chevron ended days of heated speculation Thursday, confirming it will take over Indian firm Reliance's two exploration blocks in Iraq's semi-autonomous Kurdistan region. In a statement, the second-largest American oil company said it "completed a transaction to acquire ... Reliance Exploration & Production DMCC's 80 percent interest and operatorship of the production sharing contracts (PSCs) covering the Rovi and Sarta blocks." Neither the companies nor the Kurdistan Regional Government (K... == Tensions Rise as Kurdistan Trucks Oil to Turkey Posted on 13 July 2012. Tags: Exxon, Exxon Mobil, ExxonMobil, KRG, Kurdistan, oil contracts, oil exports, Turkey By John Lee. Turkey has started importing the crude oil from the Kurdistan Region of Iraq, and will hold negotiations over direct sales to the natural gas. The Turkish Energy Minister said in a press conference on Friday that “Turkey has started importing five to ten trucks of crude oil per day from Kurdistan, and the quantity will increase to between one hundred and two hundred per day“, according to AIN. The spokesperson of the government, Ali al-Dabbagh stated in a press statement on Wednesday that “The Council of Ministers regards the export of oil by the KRG to Turkey as illegal, and Turkey must not allow it because it is responsible for this issue.” AKnews quotes, Samira al-Moussawi, an MP from Hussein al-Shahristani’s parliamentary group as saying, “the Kurdistan region, in cooperation with Exxon Mobil, is smuggling oil to foreign countries including Turkey and Iran without agreement with the government, and this is an encroachment on the constitution and the laws.” U.S.-based private intelligence consultancy Stratfor observed: “Ankara’s approach of offering concessions and projects to both Baghdad and Erbil seems to be gaining ground … Wednesday’s announcement represents an important leap forward for Turkey’s ambitions in Iraq and, if successful, will make Turkey the premier enabler of foreign investment and development plans for both northern and southern Iraq.” (Sources: AIN, AKnews, UPI, Reuters) (Picture: Trucks queueing at the Iraq-Turkey border) =============== Hello all, Overall, all of the recent big swings stink of market manipulation to me. Quite by whom is an interesting point for debate. Some think that certain hedge funds are preying on the volatility of GKP and using the perceived 'news drought' as an opportunity to short the hell out of it. A couple of very good sources of mine both believe that the recent drop to 140p was facilitated by a couple of English hedge funds and masterminded by one (odious IMO) individual. They both (independently) called the 'target' of 140p when we were sat around 170p. When I saw it all happen and witnessed the following recovery (over the next 4 market days, and on the back of NOTHING significant), it confirmed to me more than ever that larger forces are at work in one way or another… A massive unexplained drop and then a miraculous 50% (!) rise in four days of trading. I would say that such a play, even by the likes of the opportunists that seek to exploit GKP, the 'punter's favourite' (a phrase which I vehemently dislike), was actually quite audacious. I would almost admire such audacity if weren't backed by such bentness and greed. Another theory seems to be that a handful of HNWIs have privileged access to a 'second tier' of information and knowledge via the IIs, are using this to day trade and essentially (from my understanding of this theory) act as a multiplier to the movements of the SP, whilst gaining from 'second tier' information. Or perhaps there are much larger forces at work? Perhaps a potential bidder (or bidders) are exerting their own power to suppress the SP as they accumulate shares in order to essentially provide a discount to their bid when it is (finally) made? Whichever way you perceive it - it's ridiculous and it's very hard to decipher and make real sense of. We announce a further significant upgrade to the OIP at Shaikan - and we get (another) brief rise up to a high of 243.5p and then a drop back to the 200p bracket and slightly lower. What was the drop based on? Literally pick an excuse - there are many that could be levelled by many thinkers but all of them stack up to jack shiet for me. I'm confident that those 'in the know' will have made plenty of money on both the way up and the way back down. We could have announced 25BBO+ at P50 and I think we would have seen a similar sequence of SP events. I believe that this SP behaviour will continue and we will remain a cash cow for the market (at least to a large extent) until the 'big oil' starts to really talk. I'm talking about renewed rumour regarding one or many of the majors that now, remember, completely surround our blocks. Or even better, a confirmed bid. The former could still allow 'the players' some leeway to play with the SP to a certain extent. The latter would allow very little room for such manipulation, if any at all. Having said that though - quite a few here have stated that they are now of the belief that GKP genuinely have the desire and appetite to 'go it alone and become a major'. At the AGM Todd apparently said to expect less news via RNS as we are entering a 'development phase'. Perhaps Todd et al are batting away bids and making plans to carry on with the 'E' but further embrace the 'P'? After all, we've done a great job of the exploration phase up to now (in purely operational terms) , and we're apparently (Todd at the AGM) fully funded until the end of 2013… *ahem*… middle to end of 2013. Thanks for the correction, Ewen. So… here's a reminder of GKP's ambition to 'go it alone and become a major' from a historical standpoint - as well as a reminder of the 'two plans going forward', with regard to development strategy from our company. Both of the following are interviews with John Gerstenlauner. In my view, the man cannot lie. 1) The first was published by ProActive Investors on 16th November 2010. It was a generic interview but gives a great perspective on where GKP were back in 2010, to where we are now. Please listen to it all - as even if you're a long term holder and you've seen it before, I think that it will help give you perspective as to where we are right now. Watch from around 8 minutes and 40 seconds in to see John's thoughts on the company's overall aspirations at the time. http://www.youtube.com/watch?v=vtQ3dQVt_Gs&feature=related Also note that the SP was 193.5p at the time of that interview in November 2010. Shaikan's reserves at that time stood at 4.2BBO on a P50 basis. There were no majors in Kurdistan, and the political risk was as such relatively massive. The OIP at Shaikan is now more than 3 times that, and we find ourselves encircled by supermajors in Kurdistan. We have witnessed some serious progress there, and what 'value' has it added to our company? According to the close on Friday - 0.5p. 2) The second was published by Oilmatters in mid November 2011. Again - if you've heard it before, please take the opportunity to re-listen to it. If you haven't heard it before then pay particular attention to John's explanation of the two development plans that GKP had submitted at that time. http://www.platts.com/IM.Platts.Content/insightanalysis/podcasts/oilmatters/archive/2011/nov/oilmatters111711.mp3 I transcribed the most relevant quote from this interview as I see it, to give some context as to how the land currently lies: '(JG) Even though we're running the business like we're gonna have it forever, we have to be prepared for the probability, or at least the very strong possibility that we're gonna get bought. So, not knowing what the timing of any that would be, and we're not being pro-active about selling ourselves or anything like that, but it just seems prudent that if you have a development plan that you're working on now that will not be submitted for about a year - you better have two of them. So what we have, we have a limited capex development plan for Gulf Keystone, and we have an un-restricted resource type development plan that we can submit at the last minute, or will be able to submit at the last minute, for a company with unlimited capex.' In short, unless Todd, John et al have had a major change of heart, I still think that they are doing exactly as JG stated in the interview and 'running the business like we're gonna have it forever'. When the time comes to implement 'Plan B', it's there and ready. I don't believe that it will be implemented by GKP. After all - it wasn't designed to be! I just cannot see that GKP have the appetite to go it alone (they've always been clear on stating up until now that they don't), and I cannot see the KRG being content with having an outfit like GKP being the operators for 'The Crown Jewel' in Kurdistan. The block that they see providing half of the country's oil. Oil that they want to get out of the ground as quickly and efficiently as is humanly possible and with the highest level of expertise imaginable. Who would be better positioned to facilitate the KRG's ambitious fast-track plans for production? Exxon/Chevron/Sinopec etc - or GKP? I know my answer… Your Exxons/Chevrons and Sinopecs won't be wringing their hands with glee at the current SP with the belief that they will be able to pick up the bargain of the century and stick in a bid for £6. Not in my opinion. They make their valuations in a far more realistic fashion and will be viewing an asset like Shaikan as it should be viewed - as something so enormous that it will give th em a significant edge against their competitors. This is also (IMO) why we have Perella Weinberg and Strand on board. I do go on about them I know, so I'll just link back to an old post from me and say that my views remain the same. http://www.iii.co.uk/investment/detail?code=cotn%3AGKP.L&display=discussion&action=detail&id=9413755 The only caveat that I will apply to supermajors' valuations re: a confirmed offer, concerns how any of these HUGE companies would justify an initial bid (to their shareholders) of say, £10 if our current 'market value' was still sat sub £2. If the 'end game' is to be an auction (and Todd has stated that it will be on more than one occasion), then the first bid could be low in theory. Say Exxon made a public bid for the company for £6. They may feel that they could justify that to shareholders with our ridiculous OIP figures and more importantly it would get the ball rolling. Cue Chevron - They don't need to worry so much about their shareholder's thoughts as one of their direct rivals has just put a market value on it. It's then much easier for Chevron to stick in an £8 bid and justify it to their shareholders. Then it's much easier for all parties to 'get involved'. At least those can afford to… (Chinese, anyone?) The above is, of course, an ideal scenario and an open bidding process (a la Cove Energy) would suit us well I feel. In all truth who knows - I just really cannot see our company being around even by the end of the year. But then many people have thought similar in the past and whilst doing some research yesterday I stumbled across an old post from Aimvpr. It's from 16th November 2010, and entitled 'I'll eat my hat…' : http://www.iii.co.uk/investment/detail/?display=discussion&code=cotn%3AGKP.L&threshold=0&it=le&action=detail&id=7272129 I sincerely hope that Aimvpr managed to digest his hat OK. He must have had terrible indigestion on New Years day. The landscape has changed considerably since that poster's excited prediction was made, and it seems to me like many blocks have slid into the correct places since. But when you sense imminence, time passes more slowly. We shall see. Just my thoughts, GLA, DYOR and all that. Regards, Axo ================