Ann: Zapato-1ST Drilling Update, page-231

In Da Hood,

I'm thinking that AP is waiting on conclusive data for first results at zapato. We probably won't hear until we get 50-100m into target and oil is in shakers with some visual pics. This is a large target so knowing there is consistent oil in the upper parts with drilling ongoing will be important.

I also think that the volcanics are a curveball as pressure/breccia has caused the sidetrack to occur. If the fracture network in this unit is widespread it could be quite substantial.

I'm also waiting on a more broader announcement from the company regarding to the potential of the block. The results at Alemada has pointed to a robust hydrocarbon system being in place and that some commentary has pointed to a substantial upgrade to the upper sheet potential across the block.