Ann: Reinstatement to Official Quotation , page-47

Agree with all on Somaliland but IMO they have done quite well out of this project. The timeline to drill is a long long way off and I'd prefer to have the cash for other projects right now. The exposure that's still available via the 5% interest is good for them.

What interests me and what is a good offset against the loss of Somaliland is exploration on OML113. The synrift discovery on OPL310 is really interesting. 280ft oil column (probably light oil or condensate) that was unfortunately not possible to test. They think the same potentially exists in OML113 which could be massive for JKA. This could easily double the resources on the block if there is a successful exploration well. Afren were very clear that they wanted to test this prospect.

IMO there will be a significant amount of time and money spent on the 2 blocks towards the end of 2014 and into 2015 in terms of appraisal on OPL310, exploration on OML113 and then development of the cenomanian at Aje. Note that Afren like to develop early production facilities on a lot of their discoveries and this could be dealt with relatively quickly with Aje being developed, the delivery system will already be there and assuming there is a discovery, early production could occur fairly quickly.

This is where I see some real upside for JKA which could be vert large impacts on the share price.