Ann: Appraisal Program for Block 9, Cuba, page-241

In valuations term or risk/reward ratio, May become more and more attractive day by day.. at current sh price of 4.5c and market cap of $151 million, take off cash of $50 million, give an Ev only at $100 million, that valuation is by no mean excessive in my opinion( considering the fact we have our shares of 108 million barrels of oil on the ground ) and I definitely don’t believe the share price will go down to 2 cents. At 2 cents x by 3400 million shares on issues, that will equal a market cap of $68 million, less cash $50 million, with a enterprise value of $18 million? ? What a joke