Ann: Investor Update , page-6

Yes, I had thought the same. So, even though this well would appear to have a good chance of success, and upside, if their revised interpretation of the logging is correct, they are not willing to commit to it at the 50% level.

And my thinking on this is that their description of the $4.4 mil cash position as "strong" is just possibly looking a bit feeble.

Surandy, I haven't tried to discover the expected well costs for Waugh-1 but $625K seems a little optimistic to me if they will be participating at the 50% level. And this would probably be the minimum case, based on plug and abandon I think. Just my opinion of course. They're talking of at least 4 flow tests and potential coring from the bottom of the reservoir to basement, so this would add a bit I think. Hope that basement isn't too deep.

At this stage, unless they have success at Cyrene-1 whereupon there is likely to be an immediate capital raising, or they manage to farmout Waugh-1, I wouldn't hold my breathe whilst waiting for it to be drilled.

Just my take. I hope they do have success at Cyrene so that can top up at a higher level and then maybe take the 50% in Waugh-1.