We believe that the “operational update” provided yesterday, 2 December 2025, was essentially provided as a courtesy to provide an update on the timelines related to the testing of the Dubhe-1 well. We do not believe that the update provided any data that would have any incidence on the eventual results of the Dubhe-1 well. We believe that the announcement was lost in translation and that yesterday’s selloff was unwarranted and represents a buying opportunity. We retain our 57.4p target price and our High-Conviction BUY recommendation. We premise our High-Conviction BUY on the favourable balance of risk/return in a context where the company’s potential is being priced at $0.14 / barrel of 2C liquids resources. Effectively, our investment thesis remains intact in its entirety,
