Ann: Placement, page-126

I do not understand why I should tell hotcopper my real sentiment and position.

But I am telling you something else: At the moment I like and play with the investment idea to have a position in as many square miles offshore Namibia as possible. (And perhaps South Africa, but I think Namibia and the Namibian politicians will do a better job. Today they have the chance to become the Norwegians of Africa or like the Qataries 50 years ago) And why: because in the 1960ies we had the first discovery in the N Sea and 80 years later more than 1,000 oil and gas fields have been discovered. But it would be already ok and a success, when Namibia offshore mapped with oil and gas fields would look like Guyana offshore today within the next 5,7 years.

So I try to identify the most promising blocks, held by the most promising public listed companies with a as small as possible market cap but holding a as high as possible percentage of the block or with an already existing contract for a free carry. But be careful. I am not sure if this is a good investment idea which I even would not tell my own relatives because of the high risks ( political risks, very high dilution and financial risks, geological risks, oil and gas price risks etc etc etc) and the very very long term of perhaps decades.

I think Mr. Knowledge Katti from Namibia and Mr Keith Hill from AOI or Mr Gill Holzman from Eco follow this strategy since 10 years as well and till today this top dogs have not been able to monetize this strategy. PCL is in the same boat. Currently we can see the shadows of some major sharks , with record 2022 profits and not all money can be used for record dividends, circling in the offshore Namibia sea.