Ann: Rising oil prices - Hedging Update, page-47

CE1 looking primed for a breakout IMO.

- currently undertaking a drilling campaign for 3 new wells (Attachment 1 & 3).
- $7.5 million capital return, equalling 1.2c per share due this month (image of announcement below).
- oil prices in an uptrend and looking strong (attachment 2 & 3).
- Auctus Advisors have a price target of $0.45c (attachment 5).
- management have been recently buying on-market.
- top50 shareholders control 63.6% of CE1.
- Canadian players have presented takeover bids for CE1 in recent past, and future bids are being speculated.
- strong news flow expected in the short/medium term due to drilling campaign and due to talk of potential takeover bid.
- Annual revenue = AU~$98 million dollars.

Current market cap AU$~ $58 million

Significantly undervalued IMO