Taken from another board - thanks fowlerthepowler

No apologies for going over old ground as I will just put words down as delivered and recorded to best of my typing abilities. I appreciate it is a little disjointed, but that is the nature of real time transcript recording from someone that kept falling behind! Comments in<> mine . The rest as near as possible to actual words spoken:

I am confident that Share price will double or treble in next 18 months, but can’t promise 700 and 800 percent rises last two years have seen respectively.

Extension of block that retain with more prospects in it . Oil in place billion barrel in place to be defined . More than know, but not sure how much, recoverable work in progress, some months because outside of range predicted.

Drill showed high porosity,high permeability and high productivity index. In a word exceeded all previous expectations.

Took 1200-2400 barrells expectations initially so maximum 2900 very pleasing. Shows mobility and reservoir qualities around or partially above our high end expectations.

500 metre well with no significant issues, stabilised flow rates which was one thing that people said could not be done, but did do, by paying attention to how facilites operated despite hose break and having to resort to 200 tote tanks one at a time over 2 day period .

Still a lot of work to be done to deliver new numbers of recoverable barrels not least because so much better than initially expected and more to map! Target date late feb early march, that’s when we expect to see more information coming . Not waiting though for this information though and priority to move to first stage production as soon as possible with fourth quarter still on target . Building same faciities does not change. Definitive number does not interfere with progress.

Process into bankable reserves gradual processs. When define and go forward reserves defined to that project then up to next level . 2 or 3 step process of building C1, C2 C3 into P1, P2 and P3 as add extra things extra reseource to end up with final reserves.

In other words the story will get stronger and stronger and the BOD will continue to add value bit by bit ,but ensuring they err on conservative scenario each time continuing to overdeliver.

Chance of Success now officially increased from 70 to over 90%. 90% barrier means happening and reserves will be proven. 750 million resource (not recoverable) expectation oil in place will be revised . Previous recoverable estimate of 120 million to low, 250 high for now, but expect 200 million barrels recoverable. Better recovery could increase this by 50 to 100 per cent .

Chairman has said all along that he expect half a billion barrels will be recovered when finished. Real confidence in this, but stage by stage process.

Valuation, encouraged by support with investors. 900 million dollars at the moment equivalent around $4.60 per barrel based on 200 million barrels.

Risks gone now, don’t sell up, potential to come up to range of $10 dollare or closer to $15 as C turns to P1,2 and 3.

Still comfortable scope to to double or treble as ‘safe bet’. Aim to give investors as much as that value as can achieved. Not instant, but not that long term in next 12-18 months as production kicks in and further fields are established.

Pilot well confirmed on eastern flank much higher than thought. Refractory in boulder challenging to determine. Gave us a path to follow to put horizontal well. 400-550 metres . Flowed 36 hours limited by equipment and time. The well flow behaved immaculately far better than they thought it would. Previous tests if not operate in right way can’t see wood from trees . 1,200 minimum then stepped right up when hit 2900 hit - limits that we can do . When achieved this view taken was let’s go home,well over highest expectations ...job done! . Using productivity index, half draw down easily 3,000-3,500 a day easily if use bigger facilities even at those rates acceptable draw