Ann: Investor Presentation - September 2019, page-58

There is an emerging clear demarcation between 88e technical oil exploration and 88e financial management:

The technical side seems relatively straight forward in terms of applying oil technology to increase the probability of finding a commercial oil reserve. Probability is a concept/measure used to gauge an increase the probability of an event occurring, generally increasing the probability of an event happening is a function of dollars spent, which is more of a financial management issue. On the technical side 88e moving forward appears very positive.

and

The financial management side is far more complicated in terms of aligning the necessary and sufficient cash-inflow with cash-outflow. It seems to me the financial management is the major contributing factor influencing 88e SP at the moment.

Maybe 88e BoD should spend more effort on the financial management disclosure and explanation in terms of cash-flow, and less effort (no effort) presenting mostly rehashed technical side, which requires further explanation by Hot Copper oil authorities; for example, olderwiser.

BTW great explanation, as usual, on the technical side. Well done Olderwiser!

Bos