We will be aggressive in exploration, but it depends on rig supply.

Production (growth) will be (relatively) flat but...the increase in revenue will come from rising oil prices.

We will start pumping oil by the end of 2007, with production of at least 30,000 barrels per day (bpd).

Instead, we get up to 50 million barrels of oil.

Reserves may reach more than 300 million barrels, but we must be conservative with our estimate.

We think it is. After years of industry consolidation and tight financial conditions, uranium exploration has suffered and there will be a time lag, perhaps as long as five to seven years, before the supply side can fully respond. Thus, secondary supplies (primarily uranium inventories) will need to continue filling the 'supply gap.' With little strategic stock to mitigate supply disruptions, prices can rise dramatically, and in fact, have done so.