BSE pre-listing statement, page-3

I will only claim you are attacking or insulting me when you attack or insult me.

Break-even, with heavy amortisation of capitalised Exploration expenditure (>$50m), the accounting P&L will need a lot more Revenue than 10MW will create.

EBIT - if they start selling power in calendar year 2019, then maybe they can be EBIT +ve in 2020, but all pre-supposed by Farm-in from Development partners (cant say at this stage, other than it will be cash out first, before BPC start paying back).

I can’t say whether they need /don’t need more drilling and for what purpose. Save that they said somewhere 200 wells going to be needed for this project. So I assume that means 200 producing wells, not core wells.

But, and this is where others are welcome to disagree, it isn’t jumping out at me loud and clear from reading the Pre-Listing statement as to how many, if any, of the existing drilled wells can be used in delivering the 10MW initially. So eventually 200 wells, permanent and semi-permanent roads, surface collection, delivery to power plant gate. And then the power plant and power evacuation thereafter.

Eventually my logic will bring me back to the conclusion this company is all about Reserves and selling the leases to a regional player. I don’t see TG and team wanting to commit next 3-5 years developing a project out in the Botswana bush/desert.