Ann: Operations Update, page-6

Colm talks about other Offtake opportunities - SAPP and CNG.

Ability to sell to SAPP requires them to connect to grid. To do that, they need consent from BPC. The 100MW will require a PPA from BPC and given this is a pilot gas to power proof of concept, I struggle to understand a scenario where BPC will allow as yet unproven (in the eyes of Botswana folks) energy source connect to their grid. It seems the company admit this - they say the quickest route to market is the RFP. So I struggle with the constant referencing of SAPP.

CNG - no market currently exists. Yes it is an opportunity but one to be built from the ground floor up. That will take probably 3-5 years before achieving any level of meaningful scale.

Can somebody tell me please why they have changed their messaging from being The most advanced CBM companies to now being One of the most advanced CBM companies?

The RFP has stalled (yes it will get going soon), and the messaging appears to be subtly changing - I hope that is not a harbinger for more unexpected news around the corner.