Taking a step back (which is hard for all of us who are in big...

Taking a step back (which is hard for all of us who are in big and have been for awhile).

The SP touched 24.5 in April 2021 (closed at .21), then bobbled around .14 to .18 in the following months post the 70+ m share placement. Around that time the MC with shares outstanding was about 100m. Once the shares from the recent placement are issued, assuming current SP, our MC will be about 200m.

When our MC was about half, we were expecting a farm-in of 25% to 33% which would have left us with 47-55%. Now we are self-funded for the first two wells with 70% (accounting for the 10% back in rights by the Zim sovereign wealth fund).

When our MC was about half, we had 100km with two targets. Now we have 360km with 7 drill ready targets and multiple other leads.

When our MC was about half, we had a total prospective resource estimate of 8.2 TCF and 247mmbl (1.6 billion boe), and there was the very real risk that the new seismic might show that Mobil's decades old seismic was inaccurate. Resource estimate is now 20TCF and 845mmbl (4.3 billion boe). And that is for Mukuyu-1 alone - so we know there will be a further resource upgrade for the 5 basin margin targets (and Msasa which was not included and was 1TCF in the initial estimate).

When our MC was about half, the two plays which were planned for drill were of the same type. Our second drill target is now a different play type, which derisks the campaign.

When our MC was about half, there was the risk that drilling might never occur. The drill is now up and we're spudding in the next week or two.

When our MC was about half, no one even had a inkling we would have a carbon offset project worth 10's of millions currently pending certification, and potentially 100's of millions with the future projected price of carbon offsets.

When our MC was about half, natural gas prices were about $3 per mmbtu. They're currently about 3× that at $9 per mmbtu.