Ann: Block 9 Alameda 3 Appraisal Update (Alameda reservoir), page-307

My learnings from yesterday:

1. For every seller, there is a buyer. Sounds simple, but put another way, roughly 5% of the stock found a new home yesterday.
2. Oil is confirmed in Marti and Alameda. Contaminated samples are being assessed.
3. We can't get the oil out. But it's there.
4. We will try to get the oil out. For every problem there is a solution. We just need to find it.
5. The company will not freeze everything else just because of (2) and (3). We are not a one-trick pony.
6. Because of (5) the company will continue works to produce from Unit 1B (Amistad). "Shipment" is a positive term.
7. We can assume that the company's statements regarding (6) are aligned with JV goals. Sonangol are on-board and pushing.
8. We can assume that the JV's support the company's stance on (6) and (4) together. The company's position would align to the JV's position.

With this in mind, it is likely that more statements regarding A3 remediation will follow shortly. Equally, more statements regarding A2 will pepper our screens. We will soon hear back from McDaniel regarding Unit 1A, and this will underpin A2 (upper sheet) production.

You can lose a battle but still win the war.

Kit