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Message: Dunnock

I do not see it as an attack, but see it as a communication failure by management:

- People thought in the first target as a probable hit and that company will stop drilling before 3,000m. That was merely an interpretation of the average investors.

- Now that they are drilling ahead to 4,000m (I assume that), the general investor sentiment is that the Aguathuna target is dry, but as you stated Dunnock, we cannot say that this target was dry since why should be the oil in the Aguathuna and not 100m below? Oil is fluid and can move. Who knows...

- Another think that investors have noticed is that when drilling ahead to the Aguathuna Formation, the company announced they have encountered hydrocarbons while drilling and then last week they said the estimation was 1-2 bn barrels (then restated that were unproven reserves, I still do not understand why they did it). But now, when passing through the Aguathuna Formation nothing was said re the matter. Maybe Tight Hole status and the company has not reported it? Or they just have not encountered any hydrocarbons till know (which is what the major average of investors think).

Do you have an example of any other exploration company that has suffered such a major drop when drilling ahead of the final target. I do not have the experince to have lived that but maybe one of you know?

Did anyone of you sell the position yesterday or today and are you looking for another pullback and invest again?

Good luck, and hope management can give us more color of this situation, which is a bit difficult for investors. I do not want to get burned!!

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