Thank you for your enquiry.
The back-in agreement with AnaTexas is documentated in our prospectus lodged September 2007. AnaTexas retains the right to back-in to Buccaneer's interest in the Pompano project once each well's capital costs are returned plus 20% from net cash flow
. This was part of the agreement when Buccaneer acquired the project from AnaTexas in mid 2007.
When this back-in comes into effect Buccaneer's Working Interest will reduce to 52%
. This is the only project we have, or are likely to have, which has this type of back-in.
Hurricane's as you are probably aware are very unpredicatable. I don't think there were any that caused significant production shut-ins during the last two years. If a hurricane is not a direct hit you are looking at production shut-ins of anything from a few days to a few weeks, a problem may arise on either our platforms or surface facilities not owned by Buccaneer.
The two platforms at Pompano have been there for many years and have withstood many hurricanes, including Rita and Katrina, so we are confident about there condition and they also receive regular sub-sea inspections
It is going to be a very active 6-7 months for us and we look forward laying out those plans in the coming 6 weeks.