Ann: Operations Update - Block 9, page-303

There has been a few suggesting may be a need for CR sometime this year (or funding against reserves) - neither of which help AP to monetize his investment. CR is all good for speculative purposes, but Melbana is past that stage.

Only speculation, but in my view they have employed Chris Thompson with the primary view to attract a major stakeholder, say to take 30% interest in the Melbana's Cuban Assets for say $150m, with $50m retained for future development, etc and $100m for a capital return to existing investors, a quick and substantial return for AP, directors and other key personnel.

It may one of the reasons for the independent core samples planned.

The current market cap of Melbana is not going to be the basis of a large investor would be valuing an investment stake.