Ann: Organisational Changes, page-137

On point 7…..if you’re going to use “peer comparisons”, at least be remotely accurate with the facts. When looking at “40% access to profits only” don’t forget to include in your calculations that IVZ’s initial stake in the project is IVZ 80% vs MAY 30%, making the point you’re highlighting on PSA more like 32% vs 18%. Also, when calculating the potential upside on both you need to understand the difference between “recoverable” and “in place”, you will get a very different answer when you understand this. For the sake of accuracy, IVZ are fully funded for their current 2 well drilling campaign and have a further $7mill up the sleeve for contingencies.