London Video up, page-15

Great presentation. Will need to listen to it again tomorrow to fully digest and understand the message, but my initial take is:

- no imminent cap raise planned. Future funding will be required as a necessity but the source of that funding could come from various options, which will be determined as being best for shareholders at the time.
- in the success case for Ice2v, could lead to a 4 drill program in 2018 to upgrade the resource
- creaming the curve is 2-3 year process to maximise the monetisation phase for current holders, so if you want biggest bang for your current buck, continue to hold and 2019 might be a great year to order that new mega yacht (looking at you Pootie)
- HRZ is still the major play, even though the conventional continues to add up to be something major in itself. HRZ thickens and widens into the new acreage, giving greater volumetrics along the 'bow' to east and west
- the day that Paul gets the gag taken off will surely go down in history for 88e'rs as one we will never forget

Lots to be interpreted from this still. Can't wait to chat further with Dave at the AGM. The project is clearly not a 50/50 chance. Ice2v may succeed or may disappoint, but if it does disappoint, it certainly is not the end of the project and will provide valuable data on what is required for any further drills. As Paul says, the resource is there, there is no question about that .