CNE - Directors Buying, page-3

Hi Squire it's probably best to go by the Companies guidance of the 1st Quarter 2015 for any info on the final results of drilling and the appraisal plan going forward after all they know what work is required.

Also don't expect any confirmation of these projects being Commercial, that will come after the initial appraisal wells , the Company won't'/ can't declare a field commercial on the strength of one well that hasn't been flow tested but they have already given the next best thing and that is "highly likely to be commercial" and you don't appraise a field with wells that cost north of $100 Mil each with the expectation of it not being commercial, however that is not a guarantee....

My expectation for an update (separately or all at the same time) is an increase in the resources at FAN-1 possibly the same at SNE-1 and an initial appraisal program of one well in each project and an exploration well in the closest Burried Hills formation , that could be tied back to SNE if successfull and would also derisk the upper area further.... starting in mid 2015...anyway thats my wish list for 2015 for Senegal..

We are funded for an initial 3 well program ( or close to it) beyond that would require either a CR, a reduction in WI , capital raised by other methods or a combination of all three. The initial appraisal and exploration wells would likely add considerable value to our resources and also give us some reserves making it easier to get extra funding.

Cheers Whisky