Ann: Cuba update, page-11

Hi Japes,
Some holders have done a little more than envelope/ fag packet scribbles but some of what you seek is not yet known..
However much of what you seek is actually open and visible in company presentations and the broader market domain..
I get it that you are not a happy long term holder, but if you are still here after 9 years and are seriously thinking of averaging down from 66cents, perhaps you should check out our portfolio and plans in greater depth and do some research to base your decesion on. The chances of recouping 66 cents IMO are slim so you either accept you will sell at heavy loses or you average down and get to a position where you can come out even or ahead.. averaging down from 66c is easy to do, I imagine you do not hold a great deal at that price. So to double ,triple ,quadruple or more your holding at these current prices is relatively simple enough.
I myself have been here longer than 9 years and have acutely averaged down now after doing my own due diligence.

1- As per company presentations, Cuba block 9 has potential oil in place of multiple billions of barrels with circa 500 million barrels recoverable on s P50 basis..at chance of success ranging from 10% to 34% in various leads and prospects..
2- Cuban oil is sold in Cuba, they currently import 60-70 % of their oil from Venezuela ... they have a hungry and growing domestic oil market as the country comes into the 20th century and currently need oil.. as per Melbana verbiage, any discovery will be sold at international market rates internally to the Cuban domestic market.. they ( the JV they are a part of) will pay the required country royalties and taxes etc for the income they receive from the sales..
3- I dont think anyone knows the answer to your last question. I have been consistent that I am of the mind we will farm out a significant portion of the 100% owned equity we currently hold in block 9. I also estimate our Cuban cost pool ( back costs ) we will be seeking from a farminee is circa $12-15mm .

The Cuban jigsaw is coming together painfully slowly, but there is a heck of a lot of info and news out there to assist you in your decision.

Hope it helps.