Ann: Block 9 - Maiden Contingent Resources, page-108

To be fair: the impatience of investors is far from AP's mind. You are making judgments regarding the "skill" in which management have operated and communicated, but this judgement is based on your own (and the punter-end of the market's) own expectations. What we have quickly learned is that AP neither cares or panders to low-end punters, and treats "HC punters" with contempt. Can you really blame him?

The piece of the puzzle he gave us today was, in my view, given out of frustration, not the desire to blow the SP away. It was part of a part: Unit 1B only, and given in such a manner as to note that if we had been a more patient bunch of sods we may have got more, in a few days or weeks time. Over the coming weeks we will see the remainder of the upper unit information come from McDaniels, along with formal finalisation of the numbers. Today's numbers were 450% greater than McD's previous estimates (for the upper units), with transition to Contingent Resource and the upper-end of prospective. They are good, solid numbers, and anyone who expected better probably needs to ask themselves how they came up with their own numbers. When the 1A numbers are added (and TBH, I don't expect the needle to move that much) the overall result will still be many multiples of what it was before A2 was drilled. As for transition to Reserves, this will happen prior to year end (ref: the company's announcement regarding production). Following finalisation of McDaniels numbers we will also see the likes of EvoCap have another crack at a valuation - which may also prompt some realignment of price.

A3 is progressing slowly. I, for one, am quite happy with this: rather slow and steady, than stuff it up and have another A1-style P&A on our hand. We know from previous drills (A1, Marti-5, etc.) that pressure is high down there, with APIs see to be significantly higher than the upper units. Only a down-ramper with a single-digit IQ would attempt to argue that sentiment. So if we take a week or two longer to get there, I'm ok with that.

My guess is that between now and the end of April we will see some decent money come into this stock, and we will see the SP resume its upward trend. Some decent volume starting to show today, so let's hope it continues.

Regards
Kit