Ann: Mukuyu 1 & Sidetrack Well Results Amendment, page-734

I mostly don't agree with your points but still end up at the same point.

1. The company could potentially be exploring and producing from these areas for decades so they will work with whatever political party is in power. Trying to get results pre-election would not be a high priority for IVZ imo but the current political party would absolutely love it.

2. Options frequently lapse so while it would be nice for the options to be in the money and taken up pre-expiry, that will also not be a driving force for the company.

3. Calling a discovery is their highest priority imo. They will want to minimise the CR for the next well while the SP is at these levels, announce a discovery and then be able to CR at much higher levels for the rest of the drilling program imo.

4 Farm in - this is interesting. I'm still intrigued with the slice and dice comments that Scott has made. I think at the moment, IVZ is still in a very good position, despite not being able to announce a discovery, to get a very attractive farm-in offer for the Mukuyu field whilst retaining full ownership of the new area. However, having "significantly de-risked" (Scott's words), I think they'd be happy to farm in and equally happy not to. So it would have to be a good offer for the company to seriously consider it.

I think the driving factor is needing time to review all the data to date and work out a plan for the 2023 drilling program for IVZ and for Exalo, to do the rig maintenance required plus any adjustments for the SBM. All the pieces fall nicely into place to allow both IVZ and Exalo to get ready for the next drilling program and then be ready to drill which will most likely coincide with the end of the wet season, which is very handy timing. That would mean we would most likely have results pre-election and pre-option expiry, which will be good but more coincidental than intentional imo.