Ann: Research Report , page-170

Oilman spoke to Argonaut again.
They found it difficult to answer your
question re the PPG levels and wanted to know
how we know it is 38 API. Unless you were referring to
Atzam 4?
Did ask their opinion on why At 4 is still at 170 BOPD.
One of the reasons could be that they have not yet a long term offtake agreement.
That is a little chicken or the egg, what comes first.
Once again it looks as if there will be a LTO agreement
once a definite production level can be assured.
So we await further news.
Once again speculation.
At least Argonaut are willing to engage.


GLA.