Ann: Farm in Option Agreement for a 2-well Campaign, page-62

Read the summary very carefully. This is not bad news at all:

Non-Binding Option Agreement: CEA and Invictus have entered into a non-binding option agreement for CEA to participate directly or indirectly in the Cabora Bassa Project.

The agreement is non-exclusive and may be terminated by either party before the option expiry date.

Option Expiry: CEA must exercise the option by no later than 31 March 2022 to enter into a binding Farm in Agreement and Joint Operating Agreement by 30 April 2022.

Equity: CEA will acquire a 25% interest in the project for funding 33.33% of the 2 well exploration drilling campaign including:

1. Muzarabani-1 well to a planned minimum depth of 3,000m or basement
2. 2nd well to be identified following completion of seismic interpretation to a planned minimum depthof 1,500m or basement.