Ann: Rafael Flow Test Update, page-5

upgraded to Very Substantial

• Ideal gas composition with high condensate content and low level of inerts with ~2% CO2 content in a conventional (free flow) reservoir
• Initial reservoir pressure of ~6,200 psi, with no observed pressure depletion OMG during the test flow
• No reservoir boundaries seen during the test flow… Kaching
• No evidence of produced formation water… Halle Berry Lujah
• Evidence of near wellbore reservoir damage restricting flow that can be simply
  remediated, with the expectation of improved flow performance
• Confirmation of reservoir pressures significantly above regional hydrostatic gradients
  implying a significantly larger gas column than that seen at the well, yeah baby
• ERCE contingent resource report expected in early April. Quivering with antic…
• …pation

We look forward to getting the independent resource report from ERCE that will help guide us on the future appraisal and then monetisation of this potentially very substantial resource. We’re all totally made