Excellent work VOGC. Slide 6 highlights that at M-1 there could...

Excellent work VOGC. Slide 6 highlights that at M-1 there could be fully oil charged reservoir at the top of the Upper Angwa that have not experienced upward migration of gas within a layer. I am sure that is also an accurate description of the top layers within well M-2 (with the exception of the uppermost gas bearing layer), which have been described as rich in C4 & C5 (and all other heavy components). As of the 20^th October report date, M-2 appears to be oilier and as the horst block top Upper Angwa is about 400m up dip of M-1, we should therefore expect a greater number of the Upper Angwa reservoirs at M-2 to be oil prone, i.e., they ought to be well above the source rock transition point between the oil generation window and the gas generation window. Your interpretation based on today’s slides make a lot of sense, whereas a few months ago there was much discussion from others regarding the possibility of the fluids being gassier at the crest of the structure at M-2 resulting from gas migrating from the north.

I would like to suggest that future reports from Invictus include the following:

· Estimated condensate-gas ratio (CGR) or oil GOR based on the mud gas compositions to be consistent with the M-1 reports,

· The change in the fraction of C4 & C5 in the gas/oil to determine if the hydrocarbons are getting richer or leaner with depth,

· A comparison between M-1 and M-2 regarding the fraction of C4 & C5 in the mud gas stream in the top layers down to the deepest layers,

· Cuttings fluorescence on site lab results,

· In your previous slides you mentioned there was evidence of a difference between gas and oil resistivities from the Laterolog. It would be worthwhile comparing the resistivities to see if there is a match between the oil reservoir resistivities from M-1 and the new resistivity data from the upper ‘oily’ layers in M-2,

· Continue reporting low gamma-ray, high/elevated resistivity, drill breaks, and mud losses.