General Thoughts, page-5737

My Technical analysis, fwiw, of the potential for the possible presence of Mopane type sands as a target in PEL 87 is based primarily on the PCL March 2024 presentation with the following slide 9.

My interpretation is that I would recommending drilling as a first priority, any Mopane type sand targets present in PEL 87.
These would be Cretaceous Cenomanian play types 3 and 4. Not that brilliant a suggestion, as only following in Total footsteps who appear to have changed their target priority based on the GALP/Sintana Mopane mega oil discovery and their Mopane type oil sand 'discovery' at Mangetti-1X.

As a second and still significant priority, would be Venus type turbidite sand plays type 1 and 2.
As released by PCL and recently posted by Tyson, the 3D 'seismic slice' would appear to indicate the presence of a possible Venus type turbidite sand play in the south west portion of PEL 87 extending into the Chevron block PEL 90.

In PEL 87, you would need to see the 3D seismic amplitude, AVO and modelling analysis to determine the significance of these 'Mopane sand" type 3 and 4 plays as drill targets in PEL 87. Similarly for the 'Venus turbidite sand' type 1 and 2 plays as drill targets.

And so we await the final 3D interpretative results from Woodside and PCL keeping in mind, that frustrating as it may seem to PCL shareholders, that 'a watched pot never boils'.

In the meantime, a very significant round of drilling in the offshore Orange Basin is commencing in December 2024, with drilling by Total, BP, GALP and Azule(BP/ENI). One would expect further exploration and appraisal success in these drilling programs can only increase interest in any of the participants drilling in the offshore Orange Basin, Namibia.

I hold shares in PCL and Sintana.

Risk in everything of course and do not forget that drilling in PEL 87 is wildcat drilling and as with all oil exploration drilling, with its attendant risks, a possible, but not desirable outcome of not making a discovery, unless proved otherwise.