What an odd letter for a number of reasons. Jumps between...

What an odd letter for a number of reasons.

Jumps between current and quarterly average production - why not use current actual production only and always (quarterly averages hide declines).

only provides current daily production for G1/G2/G3 nothing from G5 and insinuates but doesn’t confirm production from E2. No mention of E1.

reserve downgrade noted for G3

completely bypassed mention of G5 so $35m from the last campaign is netting them 130bopd gross …. And they continue to parrot this as some form of success.

funding won’t be an issue but we haven’t can’t get funding organised …. Ok

SM58 accounting for 63% of production - no mention they have double the WI in this field and spent 4x as much as they have on SM71 …. Comparing apples and oranges - bizarre comparison they keep rolling out.

solid financial state - they haven’t confirmed cash balance but expect this to be ~7m ahead of a potential three or four well campaign (potentially costing current MC) ….

these guys have been talking of the well for 14 months and still do not have a concrete offer …. To say this is contingent on the drilling rig arriving is a bizarre statement this didn’t stop them announcing funding two months in advance last time ….

An equity raise is never telegraphed by the company until it is needed as a last resort.

the ultimate irony is of course the company could come out at any time and confirm how this as yet unfunded campaign will be funded but has chosen to stay silent for the best part of thee months and still hasn’t confirmed funding is resolved.