Ann: AGM Presentation, page-10

1. I hope you are wrong point 1. Last 2 wells fired to rally SP many holders here are stuck around the 4c mark from merlin 2 drill. Last well, well we know how that went, RNS killed SP imo. All holders deserve much better communications. Like you I don’t have any confidence now in this current status quo to write professional RNS’s. That BOP was a inexperienced, panicked and rush RNS imo. I suggest they hire DW to write any future RNS, not the current status quo imo.

2. This is now the difficult position 88 put themselves in by NOT completing the drilling and flow testing all. Each time they enter a well the risks increase of damaging the well integrity.

So it’s a risk/reward drilling to the KUP. They have several good pay zones so one can say why risk drilling the KUP. As imo they will certainly be doing horizontal drills at some stage, which almost certain will not be done during this winter. Certainly be dragged out over another winter in my opinion. So they might not drill the KUP till then is my guess.

So I would certainly expect flow testing all pay zones and they have to stimulate these tight zones and get oil flowing. Then calculate reserve, SP rises hopefully, pay themselves massive free shares and then raise more cash etc etc etc.

Or damage well integrity then SP collapsed and start all over again. That’s why I am not a fan of a lifestyle imo slow approach. 88 should have stayed and flow tested what they got to from last drill. They would know so much more. SP would have rewarded holders Etc BUT NO, it’s basically a lot of time and money wasted as it all has to happen again next year.

I have given up guessing what this new team strategy is as non holders imo, as it’s clear to me SP isn’t part of their focus or performance remuneration imo and I have a lack of confidence in this new teams planning abilities imo.

So short answer is. Basically god know what 88 will do. As going off last 2 wells SH’s hasn’t been the priority imo, so probably find out what the plan is and date of rig when they do another CR as they need some positive news to excite the market prior to a CR. Lol.