Ann: FPL Completes $5.1m Placement, page-2

Too cheap IMO
Placement completed at $0.013 per share – a premium to current price of $0.012 per share
• Very strong demand and heavily oversubscribed
• Now fully capitalised for ongoing operations at 100%-owned 21,500-acre Pathfinder Field:
o Drilling and completing Vespucci well
o Updating Pathfinder Field’s Reserves & Resources
o Undertaking a 3D seismic survey over 1173 acres (4.75 sq. kms/ 1.83 sq. miles)
o Progress gas offtake and sales strategy
• Mobilising to Vespucci well mid-April – Schlumberger deploying enhanced technology