Ann: Namibia PEL 37, page-77

If anything; it's probably 'almost' time to double-down. I've always liked the saying "If its easy to buy, buy. If it's easy to sell, sell". Right now, it's easy to buy (however, it's obviously going to be a binary outcome...which makes it an inherently risky investment) - am I nervous? - Yes! I'm hoping to see some evidence of the 'hard yards' being put in by the management team in upcoming investor meeting....because logically speaking PEL87 will require an extension regardless of if they already have a farminee on the hook (which I believe is likely possible). The entire region has be de-risked significantly with Venus/Graff Discoveries which is good; the oil narrative (longer term) seems to be a dying one...which is bad; but it's potential to uplift Namibia's economy is immense...which is good. Given the lack of cash in the kitty; the main advantage we have as a company is the 'location' (currently our lease) and the relationships we've built with Namibian officials, govt, etc. Anyway, that's my rant, time to get on the beers!