Ann: Cuba, Block 9 PSC Update on Alameda 2 appraisal well, page-414

Hi All,

For those interested, I've posted below my summary notes on the ASX 16/2/23.

IMO Key Points:
1. On A-2 being a success, it would be good to have confirmed that it could continue producing while A-3 is being drilled and tested? A-3 could obviously be drilling and testing for some length of time.

2. I would believe just an oversight &/or poorly worded.

3. I believe this is conformation that the ~290m of Amistad section that was not able to be adequately logged was from Unit 1.

4. A number of possible scenarios could be contributing to the Amistad being under high pressure as AP has mentioned on numerous occasions.

5. Conformation that McDaniel used the 48m net pay value in their Resource estimate. This confirms my assumption in HC Post 9/2/23, thus the current Vertical Richness estimate of 0.729 MMBO/metre is valid.
On this point, with Certifiers notoriously conservative with their estimates, and particular those for Resouces that are yet to be flow tested, I could well see McDaniel's Resources for the 48m of defined net pay being a very low / conservative estimate, so the Vertical Richness value could end up being materially higher.

6. "three productive units encountered previously" - very positive / strong statement from the operator thus I would think Sonangol would be in agreement too.

GLTAH
Cheers
VOGC