Ann: Operations Update, page-46

- (“LWD”) indicates multiple potentially hydrocarbon bearing zones have been encountered

- Merlin-1 well, was encountered~600’ low to prognosis and is interpreted to be ~500’ thicker than that encountered in the wells drilled
into the Willow Oil Field

- Oil shows were recorded over multiple intervals

- One of the prospective horizons in Merlin-1 did have substantially elevated total gas

- Fluorescence was also observed in the drilling mud (“pops”) accompanied by a petroliferous odour over three of the target intervals. Significantly, one of these intervals is interpreted to be part of a, potentially separate, sand package that is also present in the Harrier prospect.

Lots of little gems to be liked in here... on there own they offer the holder some confidence but when held together they paint a very encouraging picture indeed. There is something down there worth taking a better look at ... we can smell it