Question-and-Answer Session
Operator
Ladies and gentlemen, we’ll now conduct the question and answer session. (Operator Instructions). Your first question comes from the line of Brian Singer from Goldman Sachs.
Brian Singer – Goldman Sachs
I was wondering as you look out from an acquisition perspective whether the Rift deal puts you where you want to be in terms of Southeast Asia gas aggregation or whether that’s an area where you would look more actively for additional transactions.
John A. Manzoni
I think it’s certainly a very good start, Brian, but let me turn to Paul Blakeley to see if he has got any more perspectives to offer.
Paul Blakeley
Rift oil it is an excellent opportunity to acquire low cost gas, but importantly it’s also in a low cost on-shore environment which is one of the features and qualities that we like very much in what is really quite an under-drilled and highly prospective basis, so all of those aspects we like a lot, but it is also fair to say that we continue to look to grow the business in other of our existing areas of activities, so for example of course earlier this year, Vietnam represented another opportunity to get into a very prospective gas basin, so those are all the things that we are looking at, both through exploration, license activity, but also small acquisitions that we can aggregate to and entirely consistent with our overall Asia strategy.
Brian Singer – Goldman Sachs
Do you anticipate further action in Papua New Guinea or not?
Paul Blakeley
It’s certainly possible that that we will be able to build beyond where we are today, but at this point in time, we’re confident to close this deal and to get on with some seismic and drilling activity to confirm there is also potential.
Brian Singer – Goldman Sachs
With regards to the Marcellus, any changes to your updated thoughts and timing of delineating your New York portion of your acreage, and then with the regards to the strong results that you see in terms of well cost and initial production rates from ostensibly the most recent Pennsylvania wells, can you talk about the repeatability of the improved results?
Paul Smith
On New York, we are still waiting for a finalized version of the environmental report and the interpretation of that and what that will mean in terms of regulations around drilling and fracking for shales. We are hoping that that will be done by the end of this year and hoping to be drilling wells early next year, so until then, really no progress on the New York acreage. In Pennsylvania, you’re right. All of the wells have been in Pennsylvania. They’re proving to be very repeatable, no disappointments at all, and in fact, we’re continuing to see improvement in all our well results, and as John said earlier, recent wells have been over 5 million a day, some of them well over that; however, we haven’t got 30-day IP results just yet, but by the end of the year, we’ll have around 15 wells with almost 6 months of production, and we will be in a much better position to reassess our EURs per well.
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