Ann: AGM Presentation , page-19

Just a comment about winter spud.

As a Transeuro shareholder I have some experience whit winter spud in Crimea (Transeuro has tried it before). Based on this there is a distinct advantage in Crimea to avoid the winter months of Jan/Feb/March when the roads can become closed and severe cold weather and high winds make operating a rig difficult and slow down or interrupt operations. Transeuro experienced big problems when they worked on their last well in Western Crimea and the conditions in Eastern Crimea are normally worse.

With a new rig crew and operational team it makes sense to me for them to now wait till April before spudding.

I would also expect a 60 days period from the contract is signed to mobilize the rig and get it ready for spud.

Hope they manage to raise the necessary funds soon. Must be extremely frustrating to be an Aleator shareholder, and this also affect us Transeuro shareholders, so i feel whit you.