Ann: Chairman's Address to Shareholders, page-3

3.5 hour double AGM

Maki was there as a shareholder

Octavia were the only " foreign" company that are capable of getting Block s-1 into production.
Expectation production will start in Sept 2021, but may drag out till December.
Non disclosure agreement with Octavia about the deal mean't couldn't report on acquisition. They negotiated for 6 weeks to write up what they did for the quarterly.

Octavia are intimately linked with the right people in Yemen and have been " negotiating", all levels, all stakeholders from Fed Govt, Local Govt, local Army brigade, local contractors to get oil flowing. Some large Octavia shareholders are " local" family stack holders with influence.

Octavia are trucking from block 9 to block 4 and have been accessing the block 4 pipeline, and getting their oil metered at Block 4 and getting paid .... they have trucking approvals for their block and pipeline access. The intention is to do the same with S-1 at 5000 BOPD and won't need S-1 production facility commissioning.

The block 5 to block 4 pipeline is built, was ready to start flowing in Jan 2020 but not commissioned as there are some disputes between the foreign Block 4 partners and the Govts. Resolution is expected and when that occurs, the S-1 oil can be sent via the existing pipeline from S-1 to block 5 , through to Block 4 and down the export pipeline. This will allow 10,000 BOPD but will need the S-1 process plant to be commissioned which would take 3+ months.

PSA will remain delisted till there is at least 3 months production from S-1... current expectation is April 2022 relisting. Once the Con notes are materially paid down, the major shareholder Sing Rim Pte Limited, wants to vend some of it's oil/ gas assets into PSA for future growth.

Local Yemen Octavia connections/ ownership are key to getting oil flowing.

We shall see

Cheers

Dan