Ann: 2D Seismic commences at the Cabora Bassa Project, page-48

In relation to a farm-in, I believe that is deferred post MK-2.

Some observations.
1. Recent CR is good for MK-2, 2D seismic, misc and working capital... but no more
2. 2D seismic will help mature leads in the east.
3. MK-2 will help declare a discovery, and also further prove the potential of the Mukuyu structure.
4. Post MK-2 and 2D seismic, IVZ will be in a position to update the Prospective Resource for the Block.
- Original Prospective Resource was based upon a lot of guess work from surface outcrops. MK-1 & MK-2 will provide a lot of useful data.
- A revised Prospective Resource will likely have a tighter control.
- The current Mukuyu Prospective Resource is <1TCF to >20TCF with a mean of 4TCF (Pebbly and below only)
- Very difficult for a farm-in partner to fully value the potential.
5. IVZ have now twice passed up the opportunity to farm-in pre-spud and have indicated that a junior partner would not have the capacity to develop the field and are looking for a partner with the capacity to develop the field.
6. For reference about deferred developments which the current board have experience with.... Uganda | Tullow Oil plc (LSE: TLW)
7. To accelerate development will require a major investment, from a major oil company. This field will require billions of dollars of "equity" investment.
8. The drilling of MK-2 and the new seismic is prettying up IVZ for a possible sale or farm-in from a major.
9. If the up-and-coming Zimbabwe elections go off without too many problems, it reduces the geographical risk, and puts the lipstick on any deal.
10. In any major farm-in it is likely that IVZ will take a minority stake as well as the existing partners will be diluted as well.