Ann: PEL 87 Technical Update, page-4

I was hoping for more in this technical update, but something is better than.............Key points for me are;

1. Incorporating an analogue well
2. Support for a high net-to-gross reservoir system, which I interpret as meaning more reservoir sand within the gross interval than interpreted previously, which should translate into increased prospective net hydrocarbon pay within the gross interval, thereby increasing the prospective resource volumes. If the resource volumes do not increase from those already announced to the market, then I do not understand why PCL have informed us that the net-to-gross within the reservoir system has increased.
3. Possible hydrocarbon effects evident in the seismic data.

OldGeo