Yes, significant and the more work we do the more we appreciate how compelling the exploration opportunity is. But this is exploration, it is inherently risky. It has to be remembered that this is a new frontier. It is not unusual in such cases that there is initial failure from which one learns and we have learnt a lot both operationally and sub surface. On the former with our successful Argentine management handling the operations and with the experience gained in all areas, significant savings and efficiencies will be achieved

Whilst elements of the 2014 drilling program were indeed disappointing, it was by no means a failure. In fact, two logged discoveries in the deeper more expensive Paleozoic formations were made in the second well but structural issues down hole prevented testing

Since then, President has focused on de-risking a number of Cretaceous opportunities that have certain characteristics in common with the prolific producing fields across the border in Argentina

Taking into account the previous events we have carried out extensive work to proof test the concept continuing right up to now

Recent remapping, geophysical re-interpretation, analogue comparisons with data from the Argentine side, geochemical and AVO studies over highgraded prospects provide support for charge/migration of hydrocarbons into what there are undoubtedly structures with what shows as successful sealing

One well is planned, targeting one such prospect to commence operations at or around the third quarter 2020 which will mean that the major expense will fall into 2021 and accordingly will not affect in any way our plans for growth in our producing areas this year

In parallel a farm out process is continuing with parties signed to NDA’s. You will appreciate when we say that there can be however no guarantee that any farm out will happen. The farm out process does not affect the plans of President in this regard.

President is always looking at ways to clarify and refine the best way to report its figures and will bear this in mind when drafting results in future. However, we will not be issuing monthly figures as they give an unrepresentative and misleading view of field production which can ebb and flow, particularly as extensive work continues in the fields with wells shut in and then restarted to facilitate this.

At the moment it remains on hold but is not forgotten

The Company has made significant progress over the last year. Whilst the topic of payment of dividends is anticipated to be considered during 2020, at the present time it is sensible to apply our free cash flow in continuing to grow the company to a stage where meaningful, stable dividends can be paid without affecting our growth and proportionate to our financial resources and facilities at the relevant time. The cash flow is targeted to have meaningful growth rates with a progressive pay down of debt; the continuance of this will lead to a sustainable dividend policy in the not too distant future.