Ann: PROJECT PEREGRINE UPDATE, page-9

The priority here is not what 88 will do wrt their cash position, that's all so clear and obvious!

But the real questions which holders should be asking why has 88 effectively destroyed the past 4 drill wells? It's not about multiple wrong locations imo this is the result of how they drill and this has destroyed the past wells imo and that's why they are never able to get flow rates. Hence why they have to find another location. Suggest some here talk to specialists as I do and it's a concern.

IMO it's time to have a good look at the drilling team and methods employed. I feel way to much control handed over to one person here. Possibly time to change them would be the obvious thing to do prior to this next drill. There's way too much to lose with this well and another failure changes everything imo.

My point here is most of the holders have no idea of why they keep failing or are even interested in finding out why and this frustrates me.