Actually forget Italy. Puma Resources applied for an exploration...

Actually forget Italy. Puma Resources applied for an exploration permit for the offshore areas a long time ago and still haven't been granted the permits.

From Page 69 of the prospectus:

Lampedusa D341 CR - PU application lodged 27/11/98
Lampedusa D342 CR - PU application lodged 23/7/01
West Sardinia D90 ER - PU application lodged 27/1/99
Elba D91 ER - PU application lodged 26/4/99
Borsano Permit granted 26/11/03

An Italian Permit is granted for a period of 6 years and may be extended for two further periods of 3 years each. Upon the expiration of an Italian Permit’s initial period, the Italian Permit area has to be reduced by 25% and, upon the expiration of the first renewed period, by a further 25%. Should the Permit area be less than 30,000 hectares, these reductions shall not apply.

Borsano is 31.8ha, the offshore areas are all above 64ha.


Just back on the KN#1 discovery size, page 31 of the prospectus shows KN#1 as being the northern lobe of the Songo Songo South lead (appears to be about half the size). SS South lead had a P2 estimate of 184bcfg.