OMG. This is an APPRAISAL well, not a wildcat. The purpose of...

OMG. This is an APPRAISAL well, not a wildcat. The purpose of this specific drill (A2) is to assess Amistad (evaluation of hydrocarbons) and consider bringing A2 or A3 into production. A3 will then assess the lower two areas. There is NO price sensitive news at the moment, and the company IS NOT OBLIGED (by ASX or any other rules you make up) to make an update or disclosure to the market. Adding information into a presentation DOES NOT contravene ASX Listing Rules. So stop whinging about it and making out that the company has wronged you or the market. This is simply false, regardless of how many thumbs-up such a comment gets.

Yes, everyone wants an update. But this is simply because they are nervous, not because they are legally owed one. The update will come when it comes: it will come when there is something “notable” about their observations. Every time Captain Cook sailed past an island he had previously discovered he did not announce the discovery of that island. Similarly, every time MAY observes something that was already noted in the original drill, they are not obliged to announce it to the world.

Evolution Capital has valued the A2/A3 drills at 18 cents if successful, which places corporate value at 21 cents. This is based on the current acreage assessment and risk weighted at 25%. Make of that valuation what you will (sure, adjust the RW if you would like to get a higher valuation). So cries of 75 cents and the like are ridiculous at this stage. Taking into account infrastructure costs, a realistic “successful” valuation puts the SP somewhere between 21 and 35 cents (or thereabouts). Whether you come up with another number to that is not the point (everyone has a view). The point is that you need to now wait for the logs on A2 before you can reasonable expect the share price to de-risk (and climb towards that 21 cent mark, or higher). So the “bet” here is purely based on the assessment data, not whether or not AP is conforming to your own need to be kept informed.

Little bit of patience required. They are making progress and will keep everyone informed.

Kit.