Ann: Alameda-2 - Successful Flow Test of Lighter Oil to Surface, page-585

Teji,

I think the seismic interpretations for Marti at this point of time should be taken with a grain of salt. from my understanding there was atleast 750m of oil shows (finished in oil) at Marti-5 which have been moving up to surface. The result of Alameda-1 should be interpreted as a resounding success at this level. The signs of formation water were a shock and is open to much debate and seems to stem from some issue with the drill or fracture communication with a water table. Just remember that this is the first sign of water over all formations so far which is crazy in itself.

My question I asked to management about expectations with the cores and fractures points to a more controlled drill this time to better quantify what is in place. Whilst they won't drill as deep this time we should get a big upgrade in net reservoir with fractures. Hopefully new seismic can help the company better map the resource particularly with in the lower sheet.

I'm super confident at this point in time. AP will bring this into alignment with the seismic and drilling whilst getting into some serious production.

best of luck holders