Ann: Quarterly Activities Summary period ended 30 September 2022, page-19

on the matter of JV reimbursement.

In rough terms...the accounts show 17M in exp expenditure - it would have to be Zapato Drilling. 12M JV partner contributions means MAY share according to the accts is 5M. So MAY share as a percentage = 5M/17M = 30%ish??
What happened to the 15%? - i.e. should we be up for 2.5M out of the 17M?

The other big piece of news is they are flagging 3,150 as PTD for Zapato. The Ophiolite thickness is sapping the budgeted spend on this drill. Fingers crossed we hit the Vega Alta/Placetas before 3150.

On the bright side we now have 100MM bbl (MAY share) in stacked reservoirs at Alameda-1 to go back to and start monetising in the event Zapato is terminated in the Ophiolite.