Ann: Vali-1 ST1 Update, page-9

Agreed Cara. Timing of the Cap. Raise, ahead of flow rate results, seems contrary to MEL's upbeat assessment that Vali-1 will be commercial, so why not wait till Vali-1 delivers the goods and leverage the raise at a higher SP (makes me somewhat suspicious about how well Vali-1 will flow).

Especially when in all likelihood, SM58 delivers further positive news flow in the coming weeks on flowline hook-up, arrival of the drilling rig for completion of G1 and again, in all likelihood, delivering commercial flow rates since the wireline logs over the Upper O Sand show excellent reservoir properties and hence flow potential leading to more MEL SP upside ahead of a Cap. Raise......this is all a bit convoluted but I'm a tad frustrated with this Cap. Raise timing.

Kind regards OldGeo.