Ann: Renewal of Environmental Impact Assessment Cabora Bassa, page-29

So much angst about PPSA. Understandably this looks to be the preferred path forward as it unlocks potential farm in partners. But…..if PPSA isn’t signed off prior to drilling, this could be a blessing in disguise IMO. Sure, we only drill one well but given the risk we’ve already carried, I’m feeling far more confident about the ability to declare an official discovery at M2 should we go it alone. This would then ratchet up the offers or even negate the need for a partnership at all. Yep, I understand spreading the risk is at the forefront for SM and co., rightly so, but for us mug punters who’ve already put it all on the line during M1, going it alone for one more well is an attractive risk v reward in my book.