Ann: Cerro de Chaga-1 Update, page-70

From the previous notice:

Petrel Energy Limited (ASXRL) is pleased to announce that it has increased Petrel’s 51%
interest in Schuepbach Energy International LLC (“SEI”), the operator of the Company’s
Uruguay and Spain projects, by 22.9% to 62.7%. Specifically, Petrel agreed to not only fund
its US$2.04 million 51.0% share of recent cash calls but also exercise a US$1 million short
term option to increase its interest to 62.7% in SEI.

No "gifting" at all. We paid for this with Well 3 funding.