Ann: Zapato-1st Drilling Update and Option Expiry Reminder, page-38

nedkelly01,

My assumption is that there is an area of interest in the volcanics probably linked to fractures. the fact they put in a liner basically says they are making sure that fluids aren't getting into the well and contaminate any test of the primary objective. This is to guarantee stability of the well also.

The fact that the language is vague is pointing to some complexities or that they are waiting on the well to reach TD to announce a full result. The timing is annoying with the options conversions and it bringing down the SP, but the company is with in rights to announce as they interpret something being material. If management aren't answering the phone then it points to a communication freeze until we get a market related announcement.