Ann: Project Phoenix Investor Update - October 2024, page-3

Smoke and mirrors in play, the presence of oil allows a contingent estimate, but does not mean it is worth the cost of extraction
With such low and short flows in the last flow test, I see no hard evidence of a commercial discovery

88e do not have the capital to go forward, so now are price takers for a low value discovery

Resorting to including zero value gas in their promotions by shifting to BOE rather than BO. WOW

In reality they have muddied the waters with an additional 80 million barrels of gas energy, the salable liquids remains a modest 159m barrels of liquids, spread thinly over multiple reservoirs