Ann: Notice of General Meeting/Proxy Form Update, page-21

Hi gents, I also attended the AGM and it was good to see a few others in attendance, feel free to jump in here and add anything.

Scott said plenty of news coming soon probably and more than what we are expecting. Gazzettal is holding up the news flow at the moment, but we should have news on that as mentioned below:

• PAC Options - Firstly we went through the voting and the first item that came up was the options given to Pac. Scott said standard fee is 6% and the options are becoming a common occurrence these days, but judging by the shareholders voting, management got the message loud and clear shareholders were not happy with the free options. He stated PAC has been a good partner and has bought in some solid insto investors. He said typically to have an agreement in place with a capital raising partner would cost approx. $10k / month, so we are not getting charged the monthly fee and they are doing their technical writeups on the project & issuing them free of charge. A shareholder suggested in the future some of these benefits could be highlighted, which may offset some shareholder angst.
• Additional Acreage – Scott said he was in Zimbabwe recently ‘tidying things up’ in this regard. Zim parliament is sitting next Friday to approve along with other items, then it will go to the president to sign off. He noted this process has been drawn out and very frustrating for them as they originally applied for the additional acerage in 2018. At the time, the government wanted to see evidence of capability and action on the ground before progressing this. IVZ have been carefully managing this process to make sure they have exclusive access to the basin and no one can come in and take advantage in the event of a discovery. They are wary if this is not watertight there may be an AVZ type scenario where another party can potentially take advantage.
• Farm in partner – No comment from the man, for obvious reasons. Mukuyu will be drilled and will do it with or without a farm in partner. In the event discovery is made without a farm in partner, they will not a get a look in for the second drill.
• Drill prospect – 1.2km straight down, then 34 degrees. Was excited by the 200, 500 and 700 prospects. He said the 200 is looking very good as there was a big anomaly on the frequency for the seismic. Water in the basin typically has a 5-10% frequency so encouragingly it didn’t look like water. There was a fellow shareholder there who was a geo and could elaborate a lot better on that than me, apologies for my limited O&G knowledge.
• Chance of Success – COS is typically a measure just to rank projects and is not an absolute measure of their confidence. The reality is the COS is 100% or 0%. Being a wildcat, COS is only ever limited to 8-12%, despite evidence of source rock, DHI’s etc. When measuring COS, ECRE were using 7 factors to calculate when typically 4 are used. As the factors are multiplied, the more factors multiplied = a lower COS, so they had a disagreement with ECRE in that regard.
• DTC – Forgot to ask
• Carbon offset – Brief chat at the end, but I don’t know enough about it to comment.

All in all, it was a pretty good chat and I am confident in our management and where we are heading.