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AGORACOM NEWS FLASH

Dear Agoracom Family,

I want to thank all of you for your patience with us over the past 48 hours and apologize for what was admittedly a botched launch of our new site.

As you can see, we have reverted back to the previous version of the site while we address multiple forum functionality flaws that inexplicably made their way into the launch.

To this end:

1.We have identified 8 fundamental but easily fixable flaws that will be corrected in the coming week, so that you can continue to use the forums exactly as you've been accustomed to.

2.Additionally we will also be implementing a couple of design improvements to "tighten up" the look and feel of the forums.

Have a great Sunday, especially those of you like me that are celebrating Orthodox Easter ... As well as those of you who are also like me and mourning another Maple Leafs Game 7 exit ... Ugggh!

Sincerely,

George et al

Message: Turned the corner?

Actually, it had alot to do with a change to tax write offs for North Sea explorers announced on July 5th.

The British government announced changes to a form of tax-relief known as the ‘Ring Fence Expenditure Supplement’ (RFES).

They're going to increase the annual rate of the RFES from 6 to 10 percent – which means that companies with insufficient taxable income will be able increase the value of losses carried forward from one period to the next to 10 percent.

All those current expenses will get written off against the oil revenue next year and voila, NO TAXES.

Alot of other London listed North Sea oilfield developers also jumped in price this week. Even Statoil of Norway, which had suspended $10 Billion in North Sea projects early this spring announce it would rethink its plans.

Hmmm, an offer for XEL looks nice to me.

Cheers,

PW

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