Ann: Invictus Energy Farm-in Process Update, page-61

The benchmark for a 25% farm-in of this target size that is already this far advanced (seismic done, targets assessed, well trajectories being finalised, very high COS given stacked targets and testing multiple plays both deep and shallow) should be 25% back costs plus 50-100% carry on the 2 wells... Maybe a slight discount given new country risk... But seems the relationship with government is quite good at this stage anyway.

I anticipate a much improved offer from Cluff. I know it is mentioned that other parties are interested but to be honest I can't see it happening for a major as they'd need more time and would delay the drill so they can assess the targets themselves. Also would likely want operatorship which I doubt IVZ will want to give up. Dumb money possible entrant at this stage though.