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Re: None

Tuesday, 08/21/2018 3:41:28 AM

Tuesday, August 21, 2018 3:41:28 AM

Post# of 1633
Report: Unrisked valuation for little Cormorant US$5.4/bbl (3.5c/sh)

https://gallery.mailchimp.com/c8ce19146fdeb5b5892b7679b/files/e4a7aad0-5019-4113-a4a9-b459e60822c8/Cannacord_Genuity_Namibia.pdf

Some interesting Points from the Report

• Unrisked valuation for Big “S” is US$5.3/bbl (338p/sh +3,655%)
• Unrisked valuation for Cormorant is US$5.4/bbl (3.5c/sh +288%)
• 4 wells to be drilled operated by Tullow, Chariot, Total, Shell
• “S” different prospect type to Cormorant - independance of risk
• 29% chance of success for “S”; 15%-20% for Cormorant
• Chariot targeting same Source & Reservoir derisked by HRT wells