Ann: Trading Halt, page-8

I have been burnt a couple of times in the past in similar situations where resource estimates or jorcs have disappointed.

However there’s a couple of items here that line up to give me confidence that will be in line with expectations of surprise to the upside.

-the performance rights at 1.5tcf
-the road shows being scheduled for November (they surely would have known when they would be in a position to publish the maiden estimate, hence the timing of the roadshow afterwards)
-why Mobil abandoned it, this wasn’t a dinky potential resource that was abandoned because it was deemed uneconomic, I would speculate and say this was abandoned due to mugabes regime.
- didn’t conduct a CR before releasing the estimate as this would imply its negative (or occasionally getting mates set).
- McMillan is a technical guy, has access to the Mobil data and is familiar with the prospectivity of the acreage
- the buying on market from the directors albeit small.

Just some ramblings as I have my morning coffee, obviously a number of those points can be interpreted the other way but I reckon this is one of the better O&G r/r plays on the market at the moment.

The big variable obviously is the Zimbabwean government but we will see.

GLTA.