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

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

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

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

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

As long as the prospect of sanctioning 4 million barrels per day of Iranian oil is out there, the Iranian situation, in our view, will be the front and center issue that will command market attention.