Ann: Block 9, Alameda-3 flow testing commences, page-125

I don't know how to best explain where we're at for the newcomers....

MAY is no longer an explorer. Oil has been discovered...many miilions of barrels (await the McDaniel assessment). It has a value. They have the Angolan oil company (Sonangol USD$B's) as their partner and they hold 70% of the project. There is a ready local market for their heavy crude and a ready market for their API19.

It will be monetised.

The upside is Alameda and Marti -whether quality is API19 or API22 gravity or whatever....it is a saleable product....many millions of barrels.

But remember this is not the whole of Block 9 - there are multiple other zones of interest. Then they have the Australian assets as well.

If you want a reasonable market cap number...take the millions of barrels of oil and multiply by aud$15. That's what I think the company's worth today.

Hope that helps. Good health and fortune to all. Peace.