General Thoughts, page-1959

Yes, 2024 will be the proper company-making year, although 2023 was outstanding when considering where we've come from a year ago. This time last year, the SP was around 0.8c and uncertainty existed as to whether we would even be satisfying the licence requirements (i.e. complete a 3D survey) and potentially lose the licence.

Early March provided the first hint as Ramform Titan (survey vessel) parked in our block and sure enough, days later 'Woodside Enters Into Exclusive Option on Namibia PEL 87' and commences the survey. May saw it completed and at 1,593 square km more than what had been planned, at no extra cost to us.

October brought news of our application to apply for a licence extension (requiring a drill) following productive discussions between WDS, PCL and NAMCOR in Cape Town. Within the same ann, a note that "Early PSDM data supports case for mature Kudu Shale oil source beneath Saturn Turbidite Complex". As it stands now, granting of the licence extension is expected early Jan. Following that, the timing of the official farm-in is anyone's guess, but the occurrence of it is a given imo.

All of the above has occurred while Total and Shell keep turning up drill results now totalling well in excess of 10 billion barrels. Chevron will be drilling next year and Galp is already drilling at Mopane, with very high expectations there. It really has fast become the global exploration hotspot and our Saturn is right in the mix with Venus-like characteristics (estimated at 5.1b barrels and growing with each drill).

Therefore, I too believe 2024 will be a big year and we won't be waiting long into the new year for some major news. Well done to PCL mgt on their continued execution, excellent relationship built with NAMCOR and attraction of WDS. A merry Christmas to all, enjoy a relaxing break and get ready for an exciting 2024.