Ann: Invictus Energy Shareholder Briefing, page-162

An NPV thrown out by the company at this stage would be meaningless... they have no idea if they even have hydrocarbons in the ground. No point launching preliminary studies when you don't even know if you have oil or gas/condensate or both - and how much of each.

Resource estimates are fine but at this stage there would be so much uncertainty in development plan, etc. that any field development studies and economics would be completely meaningless.

We all know this project would be in the $Bs. Leave it at that until we drill a hole or two.