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Investor Presentaiton

Reason for the "permits" unclear An investor willing to invest in exploration and drilling will also want to do production. ■ Introducing a “production permit” adds uncertainty as it may at least theoretically be denied after millions were invested in exploration and drilling The reason for separate permits is unclear as the investor already has to conclude a PSC with (state-owned) MOGE and obtain an MIC permit LINCOLN LEGAL SERVICES (MYANMAR) LIMITED

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