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Re: MakinBank post# 14160

Tuesday, 04/06/2021 11:36:30 AM

Tuesday, April 06, 2021 11:36:30 AM

Post# of 42996
Key indicators suggest the presence of oil. Those have not changed.

• Initial petrophysical interpretation indicates several potential pay zones in Merlin-1
• New prospective horizon identified at Project Peregrine



There were operational issues that disrupted drilling. However...

Not being able to sample these two most prospective zones does not preclude a discovery; however,
analysis of sidewall cores and potentially further drilling may be required for confirmation.
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