Ann: Cuba Block 9 Farmout, page-7

It was always going to be a Chinese farmout. The market will take some time to absorb and understand this deal but it's actually a really good deal for holders and has taken away all risk for us shareholders. Cash back in the bank from the cupet guarantee, back costs returned on success and all costs covered for ongoing activity in block 9......this is not just a 100% free carried drill program, it's so much more......"Fully fund 100% of all exploration, appraisal, development and production activity and costs and
provide any required bank guarantees for Block 9 while AGMI remains a participant in the Block
9 PSC (20+ years remaining)"......shareholders of MAY now carry zero risk on block 9 but retain 12.5% of profit oil, we'll have 2 wells drilled within 12 months and a 3rd within 20 months....that's just the minimum terms, any further exploration wells will also be carried by AGMI. With Beehive news coming over the next few months this is really a great deal for holders imho, Cuba is banked now and all risk has been taken, it's literally a free carry. If Beehive comes into play also it's lining up to be a very exciting and potentially very rewarding 12 months ahead.