Ann: Core-hole Drilling Operations Update, page-6

I believe the market fully anticipates a substantial reserves upgrade - for the simple reason the current published reserves figure is so low. Not sure I get how 2 additional core holes over 900Km2 (and just one hole on Mamba) adds much statistical definition to already known geology + seismic, but I suppose it all helps to add to the overall picture for SRK. The EIA and ML announcements say approvals were granted over one lease of 900km2 area - that equals 220,000 acres. That is a big piece of ground to secure Lands Use rights over + delineate the actual site for mining - but the subsequent RNS say the actual mine site has yet to be confirmed. Maybe it is different for extracting gas, but I know (for a fact) that Mining Licences for base metals, gold, diamonds etc have to specify the broadly precise area being dug up. But then a CBM well-field footprint is largely spread out over an extended area and might (if done environmentally friendly) improve the surrounding landscape. Unlike Jwaneng and Orapa which are monstrous blights on the landscape. But then CBM and diamond mining are both governed by the Mines & Minerals Act in Botswana, with the Act written for digging (not drilling). Interesting anomalies for those interested in regulatory regime comparisons - roll on the Bid Award, given that reserves upgrade surely has to be a given at this stage. I still find the language used in today’s RNS intriguing.