Tethys Highlights 2Q11 Production

- Tethys Highlights 2Q11 Production

Monday, August 15, 2011
Tethys Petroleum Ltd.

Tethys provided an operational update in conjunction with its financial results for the quarter ended June 30, 2011.

Operational Update - Recent Highlights

Kazakhstan

• AKD05 appraisal well flowed at over 1,500 bopd of good quality oil.
• KBD01 (Kalypso) exploration well close to total depth.
• Drilling operations commenced on AKD06, an appraisal well of the Doris oil discovery targeting the Cretaceous sand.
• Stage 2 oil production facilities installed.

Tajikistan

• East Olimtoi exploration well EOL09 has reached total depth and electric logs are currently being run.
• New exploration well "Persea 1" spudded with total depth expected to be 2,700 meters.
• Aero magnetics and gravity gradiometry survey underway.

Uzbekistan

• Initial jet pump trial on the North Urtabulak oilfield successful.
• Negotiations continue on new production and exploration contracts.

Kazakhstan

The appraisal program on the Doris oil discovery and further exploration on the Akkulka and Kul-Bas block is continuing.

The Kalypso (KBD01) wildcat exploration well which, is targeting primarily a large potential structural closure at Permo-Carboniferous level, is currently at a depth of 4,128 meters in what is interpreted to be Carboniferous limestones. Some oil and gas indications have been observed but the significance of these cannot be ascertained until electric logs have been run and further evaluation carried out. The planned total depth of this well is approximately 4,300 meters.

The Doris (AKD06) appraisal well, which is targeting primarily the Cretaceous sandstone interval, which flowed at over 5,400 barrels of oil per day ("bopd") in the AKD01 Doris discovery well, is currently at a depth of 641 meters. This well is located on an amplitude anomaly derived from detailed spectral analysis of the new 3D seismic dataset and is aimed at establishing a stratigraphic component to the Doris oil accumulation. The planned total depth of this well is 2,400 meters and it is estimated to be completed by October 2011.

Tajikistan

The East Olimtoi (EOL09) exploration well has just reached its total depth of 3,765 meters in the Akdzhar formation. Electric logs are currently being run in the Bukhara and Akdzhar sections as well as the lower part of the overlying Alai formation. The initial results from the raw logs indicate some zones of interest in the Bukhara limestone sequence but further data gathering and analysis is required. The Alai formation showed both good oil and gas shows while drilling (with oil and gas to surface) and the electric logs through this interval indicate several hydrocarbon bearing zones with no evidence of any oil-water contact. Following a full analysis of the Bukhara interval, a testing program will commence. The well is exploring an attractive salt induced structure located in the south-east of the PSC area, south of the town of Kulob and only some 10 kilometres north-west of the Afghan border. The nearest oilfield in that region is the Beshtentak field some 75 km to the north-west.

The Persea 1 exploration well is primarily targeting the Bukhara limestone formation in a four-way dip closed structure with the overlying Alai formation forming a potential secondary target. The well is currently at a depth of 606 meters where casing has been run. The planned total depth of this well is 2,700 meters and it is expected that this will be reached by October. The well is located near the town of Kurgon-Teppa in the south-west part of the PSC area with the nearest field in the same Bukhara horizon being Kyzyltumshuk to the immediate south and south-east of the prospect.

The Company has commenced the gravity, gradiometry and magnetic aerial survey. The survey will cover the entire area of the 35,000 km2 Bokhtar Production Sharing Contract Area and will provide additional and more aerially extensive data to complement the existing seismic acquisition. Over 34% of the survey data has now been acquired and the final processed data and results are expected in 4Q 2011. The Company has previously stated that it is seeking a suitable farm-in partner for its exploration program in Tajikistan and these geophysical data are an important part of the information relating to such a potential farm-in. Discussions with several parties are ongoing.

Uzbekistan

The initial results of the recent jet pump trial on the North Urtabulak oilfield appear successful with oil rates on the two test wells increasing by some 20%. Further work is now underway to ascertain the economics of extending the use of jet pumps on the field (and potentially on any new fields the Company is successful in contracting) which, together with the likely effects of the water injection reconfiguration carried out earlier this year, should have a positive impact on oil production levels from the field in the latter half of 2011.

Negotiations continue with the Uzbek authorities on production enhancement contracts for two further oilfields in the Bukhara area, and work continues on the joint exploration study agreement carried out with the Institute of Geology and Prospecting for Oil and Gas Department of the State Holding Company NHC Uzbekneftegas. This study is now almost complete. Tethys hopes this study will lead onto contracts over these exploration areas.

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Kulczyk Oil Highlights Testing Ops at Ukraine Well

- Kulczyk Oil Highlights Testing Ops at Ukraine Well

Monday, August 01, 2011
Kulczyk Oil Ventures Inc.

Kulczyk Oil has published in Canada, through SEDAR system, the news release concerning gas tested from second zone at Olgovskoye-9 well in Ukraine and O-8 well update.

The O-9 well is located approximately 1.2 kilometers to the northwest of the O-8 well. O-9 well commenced drilling on March 5th, 2011 and reached a total depth ("TD") of 2,638 meters on April 4th, 2011. The well was primarily designed to test gas-bearing reservoirs in the Middle Bashkirian and further develop the gas production capability of the Olgovskoye Field.

The testing of the O-9 well began in June when a 5.5 meter thick reservoir unit in the Lower Bashkirian at a depth of approximately 2,560 meters (the R37 unit) was perforated. A two-meter section of the R37 unit was perforated and tested over two periods of time. The first test flowed gas at a rate of 1.2 MMcf/d (840 Mcf/d net to KOV) through a 6 mm choke. The second test flowed gas at a stabilized rate of 762 Mcf/d (533 Mcf/d net to KOV) through a 5 mm choke. This new discovery of gas in the Lower Bashkirian was disclosed in the KOV news release dated June 28, 2011 (current report No 35/2011).

The testing of the Middle Bashkirian sandstones, which are the primary target of the O-9 well, commenced on July 22nd, 2011 when two 3 meter zones of one of the potential gas zones in the Middle Bashkirian were perforated from measured depths of 2,304 to 2,307 meters and from 2,309 to 2,312 meters, respectively. These perforated intervals flowed gas at rates ranging between 1.7 MMcf/d (on a 5 mm choke) to 4.4 MMcf/d (on a 9 mm choke) i.e. between 1.19 to 3.08 MMcf/d net to KOV. with a stabilized flow rate of 2.9 MMcf/d on a 7 mm choke (2.03 MMcf/d net to KOV). The tested zone, which is only one of several potential gas producing zones seen in the Middle Bashkirian section in the O-9 well, is expected to commence commercial production at a gross rate of approximately 1.5 MMcf/d (1.1 Mmcf/d net to KOV) prior to the end of the third quarter.

Initially, this well will produce only from the tested Middle Bashkirian zone and gas reserves indicated by the testing of the Lower Bashkirian gas zone described in the June 28, 2011 news release will be available to produce at a later date. O-9 was the second new well drilled in the Olgovskoye field since the Company acquired its interest in KUB-Gas in June 2010 and it is part of a larger development program on the KUB-Gas assets which will continue through 2011 and 2012.

The service rig is now being moved to the Olgovskoye-8 well which was the first new well drilled on KUB-Gas Ukraine licenses since the acquisition by KOV in June 2010. The O-8 well reached a TD of 2,780 meters in early January and encountered multiple potential gas zones. Testing of the O-8 well will commence in a few weeks once the service rig move is completed.

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Chevron CEO Highlights 2010 Performance, Future Growth

- Chevron CEO Highlights 2010 Performance, Future Growth

Wednesday, May 25, 2011
Chevron Corp.

Chevron highlighted the company's 2010 performance and discussed the company's future growth at the 2011 Annual Meeting of Stockholders.

"A combination of safe, reliable operations and superior execution helped make 2010 an outstanding year both operationally and financially," said John Watson, chairman and CEO. "As we look ahead to the next decade, we remain committed to safety and delivering profitable growth."

Watson discussed Chevron's strong 2010 financial and operational performance, which produced earnings of $19 billion. The company
increased the quarterly dividend by 5.9 percent in 2010, marking 23 consecutive years of annual dividend increases. During this period,
dividends grew at an average annual rate of 7 percent. Chevron announced another quarterly dividend increase in April 2011. Watson said that Chevron led its peers in total stockholder return over the past five years, besting the S&P 500 by more than 14 percentage points. The company maintained its leading position in total stockholder return through the first quarter of 2011.

Watson reinforced Chevron's long-standing commitment to safe, reliable operations. Chevron is an industry leader in safety and in 2010 achieved the best safety performance in the company's history. He also discussed the partnerships Chevron has formed to address health, education and economic development issues in the communities where the company operates. Over the past four years, Chevron's social investments around the world have more than doubled.

George Kirkland, Chevron vice chairman and executive vice president for Global Upstream and Gas, discussed Chevron's world-class queue of projects to meet the world's future energy needs. Chevron plans on investing $26 billion in 2011, with 87 percent of that amount expected to fund upstream activities.

Kirkland noted that since late 2009, Chevron has added 14 million acres to its portfolio, including the acquisition of Atlas Energy in the
northeast United States, and deepwater opportunities in Liberia and China. Kirkland also discussed Chevron's queue of major capital
projects, including Gorgon and Wheatstone in Australia. Over the next three years, 25 projects with a Chevron share of more than $250 million each are scheduled to start production, nine of which have a net Chevron share that exceeds $1 billion. Chevron has four major capital projects planned to start up in 2011. Additionally, over the next three years, the company expects to make final investment decisions on 13 more projects, each with a Chevron share in excess of $1 billion. Construction on the Gorgon project is nearly 25 percent complete, with startup expected in 2014, and Chevron remains on schedule to reach a final investment decision this year on the Wheatstone project, with startup planned for 2016.

Kirkland also discussed Chevron's Downstream and Chemicals business, which delivered improved earnings and competitive performance in 2010. After completing a restructuring, Downstream and Chemicals has a lower cost structure and a portfolio focused on core markets, including North America and Asia. Last year, Chevron had three key downstream project startups at plants in South Korea, in Qatar, and in Pascagoula, Mississippi. Kirkland also discussed Chevron's investments in projects that improve energy efficiency, flexibility and product diversity, including the 25,000-barrel-per-day base-oil plant in Pascagoula. When complete in 2013, Chevron will be one of the world's leading suppliers of premium base oil. In addition, Chevron plans to deliver $700 million in improvements to its refinery system by the end of 2012, through a combination of improved efficiency, and controllable margin and yield
improvement.

Stockholders voted on 11 proposals and supported the board's recommendation on each of the proposals. As of May 25, 2011, the
preliminary report of the Inspector of Election was as follows:

• Item 1: More than 1.2 billion shares, or approximately 90 percent of the votes cast, were voted for each of the 13 nominees for election to the board of directors.
• Item 2: More than 1.6 billion shares, or approximately 99 percent of the votes cast, were voted to ratify the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm.
• Item 3: Approximately 98 percent of the votes cast were voted to approve, on an advisory basis, the compensation for the company's executive officers.
• Item 4: Approximately 84 percent of the votes cast were voted to hold advisory votes on named executive officer compensation every year.
• Item 5: Approximately 25 percent of the votes cast were voted for the stockholder proposal regarding the appointment of an independent director with environmental expertise.
• Item 6: Approximately 3 percent of the outstanding shares of Chevron common stock were voted for the stockholder proposal to amend Chevron's bylaws regarding a human rights committee of the board.
• Item 7: Approximately 6 percent of the votes cast were voted for the stockholder proposal regarding a sustainability metric for executive compensation.
• Item 8: Approximately 24 percent of the votes cast were voted for the stockholder proposal regarding guidelines for country selection.
• Item 9: Approximately 8 percent of the votes cast were voted for the stockholder proposal regarding financial risks from climate change.
• Item 10: Approximately 41 percent of the votes cast were voted for the stockholder proposal regarding hydraulic fracturing.
• Item 11: Approximately 9 percent of the votes cast were voted for the stockholder proposal regarding offshore oil wells.

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Heritage Highlights 2010 Activities

Heritage Highlights 2010 Activities

Tuesday, April 19, 2011
Heritage Oil plc

Heritage Oil announced its results for the twelve months ended December 31, 2010. All figures are in US dollars unless otherwise stated.

• 2010 Operational Highlights
  • Discovered the largest gas field in Iraq in the last 30 years
  • Highly productive Jurassic reservoir intervals tested in the Miran West-2 well at a restricted cumulative flow rate of over 75 million cubic feet per day ("MMscfd")
  • Estimated gross P90-P50 in-place volumes of 6.8-9.1 Trillion Cubic Feet ("TCF"), with a P10 upside of 12.3 TCF for Miran West
  • Management estimates Heritage has mean net risked contingent and prospective resources in Miran West and Miran East of 744 million barrels of oil equivalent ("MMboe"), based on a 75% working interest
  • Miran development options being considered with first export production targeted for 2015 using planned regional infrastructure
  • Achieved nearly a twelvefold increase in contingent resources from 53 MMbbls to 605 MMboe following the successful testing of hydrocarbons
  • Completed 3D seismic acquisition offshore Tanzania; data currently being processed
  • Further development work in Russia, production increased 65% in 2010
• 2010 Financial Highlights
  • Completed the disposal of interests in Block 3A and Block 1, Uganda, (the "Ugandan Assets") for which Tullow Uganda Limited ("Tullow") paid a cash consideration of $1.45 billion, including $100 million for a contractual settlement, and Heritage received and retained $1.045 billion
  • Cash at year end of $598 million
  • Special dividend of 100 pence per share paid in August 2010
• Outlook
  • Rig contract to drill Miran West-3 well signed in April, well scheduled to spud July 2011
  • Exploration drilling to commence on Miran East in Q4 2011
  • 3D seismic data being processed for Tanzania with a view to establishing a drilling location
  • Mali 2D seismic data currently being acquired with a well expected to be drilled in early 2012
  • Malta 2D seismic data to be acquired during summer 2011
  • Well in Pakistan planned for H2 2011
  • Development options being reviewed for Kurdistan which include a phased development for oil, condensate and gas
  • First horizontal well to be drilled in Q2, 2011, in the Zapadno Chumpasskoye Field, Russia, which should help to provide a material increase in production

Tony Buckingham, Chief Executive Officer, commented, "The sale of the Ugandan Assets in 2010 has provided Heritage with a strong balance sheet for activities within the current portfolio and the ability to appraise further opportunities to generate value for shareholders. We remain active across the portfolio with seismic programs and drilling planned for 2011, including a multi-well exploration and appraisal drilling program in Kurdistan commencing in July. In addition, we are progressing with discussions with the Kurdistan Regional Government for the fast-track development of the Miran Field."

Pan Orient Highlights Operating Results for 2010 Year-End

Pan Orient Highlights Operating Results for 2010 Year-End

Thursday, April 14, 2011
Pan Orient Energy Corp.

Pan Orient provided highlights of its 2010 year end and fourth quarter consolidated financial and operating results, and provided an outlook for 2011. Please note that all amounts are in Canadian dollars unless otherwise stated and BOPD refers to barrels of oil per day net to Pan Orient.

 

2010 HIGHLIGHTS

• Funds flow from operations of $59.0 million ($1.22 per share) and net income attributable to common shareholders of $20.6 million ($0.43 per share) for 2010.
• Total 2010 capital programs in Thailand, Indonesia and Canada of $61.3 million were financed 96% by after tax funds flow from operations and 4% from working capital.
• Capital expenditures were $43.4 million in Thailand, $17.0 million in Indonesia and $0.9 million in Canada.
• Average 2010 oil sales in Thailand of 3,884 BOPD with 4,056 BOPD for the fourth quarter of 2010.
• Strong generation of after tax funds flow from Thailand operations with $17.7 million for the fourth quarter of 2010 ($47.46 per barrel) and $58.2 million for 2010 ($41.05 per barrel).
• Drilling of 25 exploration and appraisal wells in Thailand during 2010 with 10 wells at the Wichian Buri Extension Field ("WBEXT"), five wells at Bo Rang, seven wells at Na Sanun East, two wells at Concession L33, and one well at Concession L53.
• Discovery of the WBEXT field in Concession L44 (Pan Orient operator and 60% ownership) resulted in a new 12.45 square kilometer production license, 382,051 barrels of oil sales in the second half of 2010, and 8.2 million barrels of proven plus probable reserves were assigned at year-end.
• Drilling of two exploration wells in Concession L33 (Pan Orient operator and 60% ownership) resulted in the first discovery of hydrocarbons at commercial rates in Concession L33, a new 11.94 square kilometer production license, oil sales of 25,039 barrels commencing in November 2010, and 2.8 million barrels of proven plus probable reserves were assigned at year-end.
• At Concession L53 (Pan Orient operator and 100% ownership) a production license of 2 square kilometers was granted to Pan Orient, first oil sales from Concession L53 commenced in August 2010, and 1.4 million barrels of proven plus probable reserves were assigned at year-end.
• Thailand proved plus probable reserves of 31.9 million barrels at December 31, 2010 with 12.4 million barrels of new oil field discoveries in 2010 offset by a 15.7 million barrel downward revision of previously assigned reserves mainly at the Na Sanun Central and NSE-F1 fields in Concession L44/43. The net present value of proved and probable reserves after tax (using forecast prices and discounted at 10%) of Cdn$509 million, representing $9.00 per Pan Orient share based on the current 56.5 million Pan Orient shares outstanding.
• At December 31, 2010 Pan Orient had $31.4 million of working capital and long-term deposits, and no long-term debt.
• Subsequent to the year-end, Pan Orient closed a bought deal financing on March 8, 2011 with the issuance of 7,557,264 shares at a price of $6.55 per share for proceeds of $46.7 million net of expenses.

 

2010 OPERATING RESULTS

• Total 2010 capital programs in Thailand, Indonesia and Canada of $61.3 million were financed 96% by the $59.0 million in after tax funds flow from operations and 4% from working capital. Capital expenditures were $43.4 million in Thailand, $17.0 million in Indonesia and $0.9 million in Canada.
• Active 2010 drilling program in Thailand with the drilling of 25 wells (15.4 net wells) focused on exploration and appraisal wells to add new reserves and new development drilling opportunities for 2011. Six wells (4.0 net) were drilled in the fourth quarter of 2010, with five appraisal or exploration wells at the WBEXT field in Concession L44, and the L53-C well in Concession L53 (which spudded on December 30, 2010). Total capital expenditures in Thailand were $11.7 million in the fourth quarter of 2010 and a total of $43.4 million in 2010.
• Pan Orient drilled 22 wells in Concession L44 (Pan Orient operator and 60% ownership) during 2010 resulting in 12 producing wells and 5 wells which are waiting for workovers or sidetracking operations to evaluate different potential reservoirs.
• The WBEXT field was discovered in the third quarter of 2010 and a total of 10 exploration or appraisal wells were drilling during the year with capital expenditures for drilling of $14.7 million, and resulted in 382,051 barrels of oil sales. A production license of 12.45 square kilometers was granted for the portion of the field in Concession L44 by the Thailand Department of Mineral Fuels in February 2011. Proved and probable oil reserves assigned at December 31, 2010 were 8.2 million barrels from volcanic and sandstone reservoirs (with 5.3 million barrels assigned to reserves in Concession L44 and 2.9 million barrels assigned to reserves in Concession L33).
• Five wells were drilled at the Bo Rang fields during the first half of 2010 with capital expenditures for drilling of $5.8 million to further appraise and develop this field which was discovered in 2009. Oil sales in 2010 from the four producing wells resulting from this drilling program were 226,504 barrels.
• Seven wells were drilled at Na Sanun East in the Central and NSE-F1 fields during the first half of 2010 to continue appraisal of these fields and to evaluate further exploration potential. The program resulted in three producing wells, the NSE-G3 well which will be sidetracked to test a deeper volcanic objective, the NSE-F4 well which is being evaluated for a potential workover, and two wells not capable of production. Capital expenditures related to this drilling program were $10.7 million and oil sales in 2010 were 69,952 barrels.
• The two exploration wells drilled in Concession L33 (Pan Orient operator and 60% ownership) during the third quarter of 2010 resulted in the first discovery of hydrocarbons at commercial rates in Concession L33. Oil sales commenced in November 2010 with a production license of 11.94 square kilometers for the L33 field being granted by the Thailand Department of Mineral Fuels. Total capital expenditures during 2010 for drilling were $1.9 million and resulted in 25,039 barrels of oil sales and proved and probable oil reserves assigned at December 31, 2010 of 2.8 million barrels.
• Production in Concession L53 (100% ownership by Pan Orient) commenced in August 2010 with the L53-A well being placed back on-stream after Pan Orient received formal approval by the Thailand Department of Mineral Fuels for the 2.0 square kilometers L53-A Production License around the L53-A exploration well. Oil sales were 28,676 barrels in 2010, with 8,097 barrels (88 BOPD) in the fourth quarter of 2010. This new core area of operations west of Bangkok began production during 2010 and revenue from oil sales was used to fund the start-up of operations. This area has active operations in 2011 with a workover of the L53-A well to produce from additional sandstone zones, and drilling of new wells at L53-C (spudded December 30, 2010), L53-B and L53-A1. Proved and probable oil reserves assigned at December 31, 2010 were 1.4 million barrels from sandstone reservoirs.
• The independent reserves evaluation conducted by Gaffney, Cline & Associates (Consultants) Pte. Ltd. of Singapore ("Gaffney Cline") for the Thailand assets at December 31, 2010 assigned proved plus probable reserves of 31.9 million barrels at December 31, 2010, a 13% decrease from 36.7 million barrels at December 31, 2009. Proved plus probable reserves at December 31, 2010 include 12.4 million barrels of new oil field discoveries in 2010 at the Wichian Buri Extension field ("WBEXT") in Concessions L44/43 & L33/43, the L33 field in Concession L33/43, and the L53A field in Concession L53/48 offset by a 15.7 million barrel downward revision of previously assigned reserves mainly at the Na Sanun Central and NSE-F1 fields in Concession L44/43.
• The net present value of proved and probable reserves after tax for the four concessions in Thailand, using forecast prices and discounted at 10%, is Cdn$509 million, an increase of 11% over the prior year and representing $9.00 per Pan Orient share, based on the current 56.5 million Pan Orient shares outstanding.
• Average Thailand oil sales in 2010 were 3,884 BOPD and 4,056 BOPD for the fourth quarter of 2010. Pan Orient continued to experience significant fluctuations in production levels in 2010 from volcanic reservoirs which can be initially very prolific before they achieve a stabilized production level and water cut.
• Oil sales averaged 2,246 BOPD in the first quarter of 2011 reflecting the temporary shut-in of WBEXT-1, WBEXT-1A and WBEXT-1B wells starting in December 2010 at the expiry of their respective 90 day production test periods, and reduced oil production of the WBEXT-1C well as a result of water incursion as outlined in the press releases of January 6th and February 9th, 2011. The WBEXT production license was granted on February 24, 2011 and the three temporarily shut-in wells were brought on-stream at reduced rates to minimize the water cut.
• The oil sands project at Sawn Lake, Alberta operated by Andora Energy Corporation (which is owned 53.4% by Pan Orient) as at December 31, 2010 was evaluated by Sproule Associates Ltd. ("Sproule"). The contingent resource volumes estimated in the Sproule report are considered contingent until such time as commercial recovery has been demonstrated, regulatory approvals have been obtained and the company has committed to proceed with commercial development. Contingent Resources are further classified as "High", "Best" and "Low" in accordance with the level of certainty.

The report assigned Sawn Lake "Best Case" contingent resources of 114.4 million barrels attributed to the 53.4% ownership interest of Pan Orient in Andora. The net present value of the "Best Case" (discounted at 10% before income tax using forecast prices) attributed to Sawn Lake contingent resources is $222 million to the 53.4% ownership interest of Pan Orient in Andora. The Net present value of the "Best Case" (discounted at 10% after income tax using forecast prices) attributed to Sawn Lake contingent resources is $136 million to the 53.4% ownership interest of Pan Orient in Andora.

• Capital expenditures in Indonesia were $1.6 million for the fourth quarter and a total of $17.0 million for 2010.

At the Batu Gajah PSC in 2010 (onshore Sumatra - POE 97% working interest and operator) there was completion of the 500 line kilometre 2D seismic program, the associated seismic data processing and mapping, permitting and initial field work related to the 2011 three well exploration program. The Tuba Obi Utara-1 well started drilling in March 2011 and will be followed immediately by the SE Tiung-1 and Betano-1 wells. Capital expenditures in 2010 related to the Batu Gajah PSC were $8.3 million.
At the Citarum PSC in 2010 (onshore Java - Pan Orient 77% working interest and operator) there was completion of the 2D seismic program and the associated seismic data processing and mapping. Targets have been selected for a three well exploration program that is scheduled for commencement of drilling late in the third quarter or early in the fourth quarter of 2011. Capital expenditures in 2010 related to the Citarum PSC were $8.3 million.