Ann: Byron Corporate Update, page-3

well well no deal clear takeaways when removing the company’s spin ....

- production from G#1 and G#2 has not improved in the last month it appears to have fallen further this must surely put serious reserves at risk let alone BYE interpretation of Siena if data.

- all other funders in the wings had similar hedging requirements.

- no way in hell BYE are drilling G#3/G#4 post SM#69 - spectre of CR on the horizon unless crimson will fund more.

- crimson will amend the terms noting BYE have painted themselves into a corner what will the new $PHA fee be going forward ....

- final MD mention of refinance (not increased facility) it was clear as day the co was pushing #hit up hill trying to get more debt to drill what appears to be a poorly performing field.

Very poor execution by the company talking up numerous funders and being back to step one 5 months after appointing seaport global as advisors. Clear as day the falling G#1 and failed G#2 production has led to this outcome.

Question has to be will selling push this back under 10c today or next week once this outcome is digested.