Ann: Investor Webinar Presentation, page-124

Thinking about the relationship between:
1) the resource in the ground
2) the # of barrels per day coming out of the well
3) the share price

• We have a massive amount of oil in the ground - nobody is arguing that - the recoverable amount keeps getting revised upwards - and there are plenty of other reservoirs in Block 9 yet to be counted in
• We could bring up 1500 barrels per day from the upper sheet - that has been proven
• We could bring up around 5000 barrels a day next year - from the lower sheet - given higher pressure and better well design - that is a very strong hypothesis - and will be validated by March
• But we have a SP that reflects none of those realities!!

The SP is being held back by a lack of volume - the lack of volume leads to weak signals - which in turn leads to possible investors staying on the sidelines...

But this could change on any given day. All it takes is for a clearer consensus on the mismatch between current SP and what it should be - and a much bigger crowd will show up - and when they do the herd will begin a stampede.

IMO - the SP should be at least 20c right now.

The gap upwards must be filled!