M&A - my guess, page-3

Regarding the Clorita permit, the following is an extract from Annual Report, page 24 :-

Santos Basin, Block S-M-1537, 100% Equity Interest, Operator

Geological and geophysical studies continued over the year on the S-M 1537 block, located 50 kilometres south of Baúna. Activities were focused on de-risking the Clorita Prospect, which is targeting the same high-quality Oligocene turbidite reservoirs seen in the Baúna field to the north. To date, no material drillable leads or prospects have been identified within the block.

After six years of studies conducted on this permit no worthwhile prospect has been identified and to date they have not opted to obtain 3D seismic. In these circumstances, it seems highly likely that the permit maybe of little value.