Ann: Appendix 3B, page-10

There's a lesson here for all of us (well maybe not all - I can think of one),
which is never (and this is maybe the only time to say never), ever believe what you read in:
* investor presentations,
* broker (and all sell-side research) and
* social media plaforms

to be "prima facie" (accepted as correct until proven otherwise). To reject properly researched contrary facts is poor judgement.

I've done that before and it cost me a large sum (Buccaneer Energy .... bad memories right danpech ). And that's with at least trying to fact check presentations etc..

The financial statements don't lie (per se) unless the data has been shall we say "managed carefully". IMO we haven't been "dudded", merely "aggressively marketed" too and conclusions made that could (and probably should) have been challenged more vigorously. Most of not all companies believe that are a good investment ... CE1 is no different.

Did it have a risk-reward adjusted return worth betting on (and IMO it was a binary bet on whether or not they found something special ... which they did not). Guaranteed if the CGR was 150 Bbls/Mmcf we would not be in this position. There would be a reason to develop that.