Ken, in response to your note, I am not aware of any official dialogue with  Mr. Kase Lawal about a potential sale of Mariner or with the economics of the  aborted IPO.
His $250 M valuation may have been appropriate 12 to 18 months  ago.
However, Mariner has enjoyed a series of successful wells that are  expected to be booked in reserve reports next March not to mention  significant increases in gas and oil prices.
Our current valuations, in the  $600M range is a stretch target but not incredibly out of line given reserve  growth and current energy prices.
Our current goal, is to be able to  demonstrate three to four quarters of increasing operating cashflow and  reserves growth before attempting a private sale mid next year to a  significant E&P concern that desires an offshore division.
The  concentration, operating and exploration risk implicit in Mariner make it a  very poor IPO candidate ((ie) I'm not sure that an IPO was ever a viable  strategy to maximize the exit value).
I would recommend that we not meet to make the following points:  a) Mariner is not on the market at this point in time and  b)  his un-solicited offer does not warrant serious attention.
Otherwise, we would be glad to speak to him in the future if we decide to  sell tha asset.
I hope this meets with your approval.
Regards

Mariner
