Ann: Preliminary Wireline results shows Multiple Potential Zones, page-352

Very good summary. Just one point I will add that I think is very relevant and has been over-looked. In the early announcement on 14-11-2022 after reaching TD?, IVZ stated they encountered multiple additional zones with elevated mud gas and fluorescence in the Upper Angwa reservoir which also had associated drilling breaks. Why do I think the associated drilling breaks are important? This indicates less stronger rock, which is how a porous rock would behave. If we have porosity, it is also a good indication, we have a gas reservoir. Generally, the more porous a formation is, the more permeable it will be. If the formation is permeable, the hydrocarbons will be moveable. So, in summary we have indications of a porous/permeable gas reservoir in the Upper Angwa which will have moveable hydrocarbons. The only risk I see at this time is the composition of the reservoir gas. High CO2 or high H2S which I think are unlikely would be a killer.