4. Since the Mining License was awarded to the block in Lesedi...

4. Since the Mining License was awarded to the block in Lesedi for around 900km based on DFS and EIA for the RFP project is that gas solely ring fenced for government offtake or can it sold elsewhere?
There are no restrictions whatsoever, the mining license is granted for commercial production and the gas in this area is not restricted on who it can be sold to or how it can be commercialised.

5. How much of the Lesedi project area is explored and brought in to the reserve category following the latest work program and when are the final results from SRK expected around core holes and contingent resources?
Approximately 40% of the Lesedi block with the ML has been brought in to the reserve category, there are currently no contingent resources booked for Mamba which was also explored so the 210BCF 2C is relevant to the Lesedi block. This figure will increase when Mamba results are released, the full testing from core desorption will take some time so they are in no rush for the results just yet so are leaving SRK to process effectively. The 210~BCF within Lesedi alone can move across to the 2P category with additional exploration and development wells. This is for 40% of one block and they have an additional 9 blocks which shows the enormity of the gas assets and why they are frustrated the market does not appear to realise this just yet.

6. Any news on the rig purchase and how will this be funded?
The plan is to continue expanding reserves whilst working on the offtake, this was communicated to market in the way that more core holes and seismic will be completed. They plan to purchase a drill for around $300k to carry out the coring process and a production drill for the later wells will be funded as part of the debt based financing. This would cost in the region of $6m but would save approximately $500k per dual lateral pod in costs.

7. Are IPC still in the picture and is the plan to still JV with them 50/50 on downstream?
Yes, IPC are still with us. Their main focus would be the larger projects (10MW+) so once the initial pilot is up and running and we start to develop towards the 100MWthat is when their expertise would be very useful.

8. As a rough idea, what do you expect in terms of news flow in going forward (hyptehtically speaking)?
1. A 5-10MW Offtake direct with BPC for a pilot project outside of RFP.
2. News on RFP and an announced expedited process both for submission and review, the documents should need minimal work if the process is adjusted so we would be hopeful of a short submission time as he is sure Sekaname would be too.
3. Core holes/Seismic for further reeserve expansion and news on a rig purchase.