Ann: Alameda-1 - Independent Resources Assessment (Upper Sheet), page-242

Hey TC had been having conversations with another investor over the lateness of the upper resource upgrade... One view was that they were crap, I wasn't so sure.. And as proven it was as I thought.. They had to redraw the seismics due to completely different well characteristics than what they originally anticipated..

Totally transparent this mob and an up to 86% upgrade in the upper section coupled with big oil shows and gas influx at the lower levels all but completely derisks this now.. I mean look at that f***ing rocket roaring due to influx at 3769m... I - Section



And look I know some were unhappy but they (MD's) will never tell shareholders when they are going to raise.. Simply because it caps your SP as soon as you do.. Better to beg for forgiveness and we still don't know what it's for? Could it be for advancing the program?

Now it was AP who put out the photo above and also the updated timeline chart on the Webinar below but notice what they called it...... ? Possible Future Price Catalysts

In the Webby he asked for a few days on the upgrade figures, on each occasion that he was grilled by a question.. Knowing damn well he'd already identified the delivery in the slide prior to questions. See deliverable at circa 14 Mar...

Then bang on today they delivered on the upper section resource update.. Next will be Alameda-1 logging results... Each is a price catalyst for growth.. Can you imagine 4DS ever doing this?? I can't and hence I'll cut him some slack..

Gut says the funds go towards advancing everything at a rate of knots to take advantage of current oil price inflation pressures..

Alameda-1 in production come May would be a poignant target to hit now wouldn't it.. ? ..

SO what can we glean... Namely that the chart supports the run... The potential underpins a further run already & still we have N section and I section plus flow rates to come..

Now I'd love to think a mud weight of 1.88sg on the final string might mean they are going for an approx 4500 metre depth which is a further 700m deeper than last call, but can't confirm.. Anyone? Seems in line with the two weeks left to drill statement by AP.

But with a tight timeline of news flow between now and Mid May (4 price catalyst events scheduled), a 21% increase on the weekly, 77% on the monthly, 536% on the 3M & 636% on the 6M charts the run is well and truly on as W3 points out and ergo I'm going nowhere for a while.. $$

Today confirmed potential upside (67% increase in upper level mean estimate) for lower targets is "significant" so my new target range is probably 23-49c based on my rough calcs..

"Melbana Energy’s Executive Chairman, Andrew Purcell, commented: “The N Structure is significantly larger, and is interpreted to have more net pay, than what we initially prognosed and with many of the characteristics one would expect to see in a productive reservoir."

And even that is possibly conservative.

8Tey

Weekly 21% increase

Monthly 77% increase

3 Monthly 536% increase

6 Monthly 636% increase

Yearly 483% increase