Ann: Tender Submitted, page-5

No longer first up on the roll call; more comments about delays in getting drilling started; will they drill 3 wells or ‘up to 3’ Wells.

Did they submit a bid for 100mw or 10mw or 2mw? The RFP pilot was for 30 years Offtake, yet apparently Tlou going for a 5 years PPA. In a country where there is no ready gas market, surely the key players would want broad depth to underwrite development of the market. If Sekaname are bidding for 100mw for 30 years and Tlou are bidding initial 2mw for 5 years, does this not raise questions of capability or of contribution to Bots. I am pretty sure if I had a huge supply of product to sell into a new market, I would be keen to bulk supply a large cornerstone customer just to ensure I had economies of scale to fall back on.

Amazing how Tlou are doing just bout everything in polar opposite to convention. Still with a great BOD and strong partners, I imagine they know better than me what they are doing.