Ann: Drilling of Zapato-1 exploration well commenced, page-76

Hi, I agree with your assessment, I am not expert in Oil & Gas, but from what has been announced so far and the Independent Resources Assessments for Amistad of 35m net barrels for MAY, IMO a fair price for MAY currently is around 15c which also includes all their other prospects and projects..
However IMO that is all about to change once we get the following:

• Independent Resources Assessments for Alameda and Marti, IMO this will add 10-15c in share value depending on the size of the resource
• Zapato oil discovery, IMO this will add 10-20c depending on the size of the oil discovery

Other announcements which will have a positive upside:

• Road map to production
• Flow tests

IMO my price targets for MAY are as follows:

• short term (1-2months) 20-30c is achievable with the announcements of the Independent Resources Assessments for Alameda/Marti and a road map to production
• medium term 50c (3-6months) with production from Alameda and/or discovery from Zapato
• long term $1 (1 year plus) multiple well production from Alameda and Zapato

These above are my opinions only and is what I am speculating on the share price.