Ann: Update on Cliff Head Operations, page-45

Hi Oia, I am still here, in Canada for 4 months in hibernation. TEG is simple, the EOR will not be revealed until late Q1 2018 or Q2. The only thing that will help the SP in the interim is a TO offer, unlikely at this early stage or a significant upgrade to CH production, which is reasonably likely but don't know when. It is a waiting game, simple as that. When CH production is improved dramatically and the EOR and plans of Xanadu become clearer this share in my view will be $1 plus sometime late next year but no promises. I have millions of TEG and very happy that I do. Bought as low as 4c and as high as 16c. Average about 7c. I believe in the strategy and the management. I could sell now at a healthy profit but why would I when in 12 months it will be at least 3 times as much but more likely 8 times as much. Bitcoin may beat that return (but probably not) but we have oil, a well placed production plant, GAS and clever management and all that equals security. If anyone is looking for a massive re-rate before Xmas I doubt it very much, although you never know in this game. Pumper, Q or Bobby may know more on that. It is more likely April 2018. Meanwhile I am going nowhere and just in snow and ice and loving it. Nothing more to say really except that the TEG SP is currently just at the whim of a few buyers and sellers, it has nothing to do with its true value. My advice is ignore Monark and Co and put your shares in the freezer like I have and wait for the spring like a bear, or autumn in your case.