Ann: 7-Fold increase in Permit & Sovereign Wealth Fund Agreement, page-192

New here? Hahaha. My average on IVZ is around 3c and I will be more than free carried in to the drill. But sure, you clearly know me and my situation more than I know myself.

Find me another oil explorer with 1 project that has a market cap large enough to fund the intended explo program itself rather than farm-out some working interest. Fortunately, we are not in a position where we have a $30M market cap and want to execute a $80M deep offshore explo well (ie PCL for a long time). It's the opposite here, the 2 well explo cost is only around 20% of IVZs current market cap. IVZ have a rare option to raise the money at likely better than farm-out terms and fund the program.

Even if we farm-out now, it's not like IVZ have another project. The fate of this company rests on 2 high risk explo wells. 1st is a duster and it will tumble, second is a duster and we are finished. Regardless of if the funds are raised for the 2 well program from Cluff or from my back pocket. Finished, back to being a shell waiting for another project to be vended in.

If we had other projects that any farm-in proceeds would help support then it would be a different story as we could fund them by selling off some interest in this one... But it's not the case, all funds from this farm-out will go toward the 2 well explo program...

"Farm in and diversify your portfolio".... With what cash? Everything from the farm-out is to be spent on the 2 explo wells.