Ann: SM71 F2 & F4 Operations Update and SM69 E2 Production Update, page-68

let’s not let facts get in the way of a good story toxic futures (OEL only hedged through to September 22 - BYE hedges in place through to the end of the year ….). Hardly toxic in the schemes of things.

Not sure I would gloat about bye A team success in the past 24 months they have drilled a number of sub par wells only G#1 looks like it will repay itself and doesn’t look like it will do much more E2 is early on but we don’t know what it cost nor the decline G#2 and F#4 look like they will not recover a fraction of the drilling and completion costs.

BYE total production from SM58 G1 and G2 and Sm69 E2 (call it ~USD$60m of expenditure across the platform/well cost and completions) of 1000bopd and 7 Mcfetridge does not even combine to what the company expected from the G1 well alone being 1000bopd & 20mmcf.

maynards infamous of anything less than >$1 SP writhing 18 months call of 24 months ago has not aged well for those who care to remember.

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