Ann: Calima 2 Flowing Gas and Light Oil, page-32

Hey Cmon

Typical pragmatic ,analytical post from you.

For me, this is a great result for management and shareholders... the well is yet to clean up and should perform better once production tubing is installed. Once the complete data set from Cal 2 and 3 has been gathered and interpreted, we will be in a much better position to get a handle on what the land may be worth. For me at this stage, these is an excellent start, and an endorsement/ validation that the Calima team actually have the technical ability, geological and corporate to get " it done". Considering, most of the acreage was acquired on the back of analysis that predicted a liquids rich sweet spot, on land that the industry at that time thought was at best, low potential dry gas, outside the Montney window, and to have that proven to by the drill bit to be correct is remarkable...

From the start of the recapitalisation of Azonto and the birth of Calima , through to the TMK, TSE farmin , the subsequent takeover of those entities, the significant capital raise in a market that was almost dead to small cap oilers, through to this brilliant drilling result so far, I can't remember a time when Stein and co haven't hit a milestone they articulated. All done on time and on budget.

So, whether the Calima land is hypothetically worth $ 2000 or $5000 per acre , at this stage is intangible, almost irrelevant to me...what is important is that Stein and co will negotiate the best price possible for the parcel at the time they choose to sell... that will be determined by a whole lot of variables... and nothing so far has occurred that leads me to doubt that they will hit the most important milestone, for a handsome profit..

Won't be pragmatic or analytical enough for you cmon, I know, but that is the best you'll get out of me tonight before I escape to watch " Captain Marvel"

Cheers

Dan