Cuba Block 9: Alameda-3 Drilling Update 22 February 202, page-127

Feral54,

I understand your concerns with the validity of resource figures given the lack of modern 3D or 2D seismic. Clearly this is something that needs to be addressed to properly quantify the discovered resources and upside.

I have raised this as an issue with AP in the past and as from my understanding it's something that has been priced/quoted and waiting on for capital plans. Hopefully the Angola trip was done to progress capital expenditure.

As the historical seismic is only good for 1km depth it's definitely a concern and probably the main reason for resource figure delays due to the changes in the model which has been significant. We might be sitting on an exceptional discovery and the only way to know that is for 3D seismic and appraisal drilling. Fold belts usually consist of several lookalike discoveries so getting data across most of the block might be prudent.

I do apologise if I have caused some confusion on resource classification, clearly 3D seismic would be required to upgrade it beyond a contingent resource. It's been a slow process as there have been significant changes to the internal models due to the increases in net/gross let alone accounting for fractures. Hopefully us shareholders get a nice update soon.

best of luck holders