General discussion, page-27

Company announcements have clearly stated that the assessment was conservative and based on assumptions from other heavy oil deposits in Cuba.

It's as simple as this: the numbers the company go off are at 5% recovery. If they can even achieve a 7.5% recovery, they've just increased their volume of the recoverable resource by 50%... The figures released are at 5% recovery, which is the amount a third party is legally willing to offer as advice without getting themselves into trouble. Once we know more, they'll adjust the recovery rate and there is potential here for increasing what is already an enormous discovery.

Have a look around at the recovery rates of other oil projects and you'll begin to understand how incredibly important this appraisal well will be. They're going to assess flow and well characteristics to put a firm determination on the recovery rate of our three zones.

Roch is a menace, but he/she/it is absolutely right that the company is grossly undervalued. AP and the team just need to get in there and make it happen.