Ann: Block 9 Alameda 3 Appraisal Update (Alameda reservoir), page-247

Yeah what a kick in the nuts was today. Yesterday I was kicking myself for trading the stock with $20k I had and making only $4k profit other a few days and it would have been 10 if I’d stayed in longer. Now I am happy I did as I would have been a further 5k in the red. Like many of you we know there is oil there in the upper sheets. I can only hope that AP is not a complete idiot and has managed cash so there would be enough to fund the staged extraction and transportation of the upper sheet. Sonagol are going nowhere when they know there is oil there 3D seismic is started for additional areas in the field and there is enough to justify a field development. We are still operator so they can’t force us to do anything faster than we want I would have thought. They either sell off their share or a portion or they would have to maybe pre fund some of ours if they wanted to fast track it. Maybe wishful
thinking.

The reality is this isn’t their only project. It is our only operated one. It would be great to have more details of the development plan ie. costs of horizontal wells, timelines, transportation costs, markets it can be sold in, price relative to Brent or some other benchmark.

I can only assume from the limited information they have provided

they still think the well issues can be remediated with a chemical means, but they need to be informed by the chemistry as to how this can be achieved without potentially Fubaring the whole thing

that a sidetrack can definitely be used but it would cost more and the rig is not available and if it is going to be used it will happen after the upper sheet is producing.