Ann: Block 9 Early Production Testing Update, page-549

You have appraised 200-300 million barrels of Tar that you can’t sell. Everyone on here is pumping the crap out of this appraisal of more Tar because a lot are trapped at 9-10 cents and need to exit. It’s product is flawed and will always be flawed and hence the ability to hit higher profit margins is thrown out and with their 30 percent share with half going to Cuba and Tax plus you have 10 percent expenses so your margins are 5 percent on the total sales and that’s being very generous

Even if your revenue is 500 million dollars a year on 25k barrels per day you’re making 25 million dollars top line profit. Put multiple of 10 which above the industry standard of 7 your market cap is heavily over valued.

The product and demand is not there to move product that’s where the problem sits and to get to 25,000 barrels a day you need huge dilution and a ton of wells. This is the main problem with MAY 6 months ago it was the product that changed my position from BUY to sell because of demand, product flow rate and product quality. IVZ has the demand, flow and product quality that’s the difference