Envoi Limited 2017

Project Introduction

Introduction: President Energy Plc, the UK-based AIM-listed company, has commissioned Envoi to identify a strategic partner to help progress and accelerate the appraisal, exploitation and upside exploration of its four Concessions (comprising the Pirity & Pilcomayo Blocks which President operate 100%, plus Hernandarias and Don Quijote Blocks with a 40% interest and option for up to 80%). This acreage covers a contiguous area of 34,000 km2 (equivalent to 8.4 million acres or the US state of Maryland) and significantly, encompasses the entire prospective area of the Pirity sub-basin within northwest Paraguay, which lies in the more regionally extensive Chaco Basin.

Key to this exciting opportunity is the combined potential of the Paraguayan Pirity sub-basin’s Palaeozoic and Cretaceous plays, which are simply an under-explored, unexploited extension of proven-producing plays in adjacent countries including both the Tarija Basin in NW Argentina and Bolivia, and the Olmeda Sub-basin in Argentina. President already owns three other concessions in the latter with production from five fields, some 200 km to the south west in Argentina. Oil fields with associated infrastructure are 30km from the nearest oil prospect in the Paraguayan Pirity Concession along with existing gas pipeline tie-in points in Argentina and Boliva; the latter some 150-200 km to the north of President’s gas prospects at Villamontes in Boliva. This infrastructure, together with plans for early production systems utilising a topping plant and a very supportive Government all ensure that any commercial discoveries made in President’s acreage could be rapidly commercialised.

Both play fairways have been defined and ‘de-risked’ by President’s comprehensive work in their Concessions to

date including interpretation of 6435 km of existing regional 2D, of which 2098 km has been reprocessed, together with the acquisition of 1,662 km new 2D and 781 km2 new 3D seismic surveys by President between 2012 & 2014. This was followed by successful exploration drilling in the Palaeozoic Play on the northern flank of the sub-basin, which resulted in the Lapacho discovery. This encountered oil and gas in stacked and fractured (density 1-5/m) Devonian & Silurian reservoirs and in which the subsequent flow tests were marred by very poor hole conditions and related engineering problems so although some hydrocarbon returns were achieved, the test failed to properly defined a commercial deliverability of the hydrocarbon pay encountered. The Mesozoic (Cretaceous sand and volcanics) oil play remains undrilled on the southern flank of the Pirity sub-basin on the Paraguayan side of the play fairway, even though exactly the same good quality Cretaceous sand and volcanic play is already proven on trend to the south west by the producing Palmar Largo complex in Argentina. This lies only 30 km from the nearest of two major complexes of 3D defined Cretaceous prospects mapped by President in their Pirity Concession.

President has now mapped over thirty prospects and leads across their combined Concessions, which have a combined estimated ‘mean’ potential of 3 billion boe unrisked prospective conventional resources, with large areas on trend still with very limited to no seismic. The Cretaceous potential mapped to date on the relatively limited focus area for new seismic in the south west part of the Pirity Concession includes 6 prospects and 3 leads which have been upgraded by recent studies to include an estimated combined prospective resource of over 500 MMbo. Significantly, President has just completed a

• Opportunity for early participation in four contiguous blocks covering 34,000 km2 and the entire prospective area of underexplored but highly prospective Pirity Basin

• Both Palaeozoic & Cretaceous play fairways proven & ‘de-risked’ by extensive G&G work including existing Palaeozoic discovery & 50 – 100 MMboe Cretaceous ‘drill ready’ prospects with analogue fields geologically on-trend only 30km to west in Argentina

• Current prospect & lead mapping defines 10+Tcf gas potential in Palaeozoic & 500+ MMbo Cretaceous resource capable of early development due to accessible infrastructure across the borders in Argentina & Bolivia.

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Envoi Limited 2017

geochemical remote-sensing study over proven fields in Argentina and primary prospects in Paraguay, which concluded a clear coincidence of anomalies over proven fields and also the primary, newly defined structures President has mapped resulting in an upgrade of the primary Cretaceous prospects to appraisal risk. In addition, many of Cretaceous leads and prospects have deeper Palaeozoic play potential as well as unconventional potential also recognised in the acreage, although this is at a much earlier stage of evaluation.

The Pilcomayo Concession has recently been applied for and is currently pending. Don Quijote is still in the Prospection period and both areas are at an early stage of review. The main focus has been the Pirity and Hernandarias Concessions, which are both partly through their 4 year Exploration Terms, where drilling programmes are being planned to prove commercial discoveries in 2018 that will trigger 30 year Exploitation Licences with a view to near term developments. President is offering up to 50% interest in one or more of its Concessions to a strategic partner willing to fund as a minimum the next wells planned in each of the Pirity and Hernandarias Concessions estimated likely to cost between US$ 10 – 15 million each, plus some contribution to President’s past costs for the exploration that ‘de-risked’ the Paraguay plays. Exploration History: Exploration in the greater regional area of the Chaco Basin has been ongoing for over 100 years, although the majority of the earliest exploration,

and the first discoveries in the 1920s, was concentrated within the highly structured pre-Andean foreland basins of Bolivia and Argentina. Even though over 850 exploration wells have been drilled to date, and resulted in over 128 fields being discovered, the area is so huge, the well density remains very low with perhaps only be 1 well per 1,000 km2. The modest exploration success rates achieved in the early exploration dramatically increased in the 1990s due to the dramatic improvement in seismic acquisition and processing. This enabled more accurate imaging of the thrust closures in the most structured, western side of the basin closest to the Andean Cordillera.

The Paraguayan part of the southern Chacos, which includes the Pirity Sub-basin, has by comparison to the foreland area, been minimally if not largely, unexplored, with only intermittent exploration over the same period, resulting in fewer than 50 wells, mostly in the Carandayty and Curupayty sub-basins to the north and north east of the Pirity Sub-basin. Only 7 wells were drilled in the 1970-80s in the Pirity sub-basin, most of which had modest shows but dry-hole analysis concludes that they were not valid structures or had no top seal. The drilling techniques used in many of these historical wells also involved drilling overbalanced to mitigate near-surface aquifers and local over pressuring. This had the effect of masking shows and plugging formations, resulting in poor, if not largely incorrect pay and charge interpretation, and potentially missed discoveries. This, combined with the limited drilling, old seismic, long period of historic low oil prices during the 1990s, and limited infrastructure and 35 years

Project P243 President Energy (Paraguay) ENVOI Limited

Envoi Limited 2017

of the Stroessner Dictatorship (1954-89), clearly dis-incentivised exploration in the southern Pirity sub-basin of Paraguay’s Chaco Basin. President’s Concessions: President’s involvement in the area started in 2012, when they farmed into the Pirity and what was the Demattei Concessions. A conditional farm-out agreement was also signed for Hernandarias, which became effective upon award of the Prospection, Exploration and Exploitation Contract. As operator, President completed geological studies, reprocessed the old seismic and in 2013 acquired modern infill seismic including a 791 km2 3D survey and 1,662 km of new 2D seismic over their licences. During 2014, President drilled two wells (Jacaranda and Lapacho) in the Pirity Concession targeting the Palaeozoic gas play which proved for the first time that the Bolivian Devonian and Silurian petroleum systems extended into NW Paraguay and the Pirity Licence. The Lapacho-1 discovered and logged both oil in the lower Devonian sands as well as gas in the deeper Silurian sands. Unfortunately, severe instability of the shales in the Silurian prevented a conclusive open-hole test which had to be terminated prematurely due to mechanical problems, although some influx of gas was achieved. Poor cement isolation also prevented a valid test of the oil charge in the Devonian sands.

The Lapacho tests also coincided with the onset of the 2014 oil price crash and as a result, President decided to suspend the drilling campaign and successfully applied to MOPC to place the Pirity Concession under ‘force majeure’. During this period, President consolidated its interest in Pirity and acquired 100% of the concession from its partner (Petro-Victoria) whilst deciding to relinquish its interest in Demattei Concession, in which only limited investment had been made to that point.

By then, President had also earned a 40% interest Hernandarias Concession having funded new seismic and G&G studies. This also earned them the right to earn up to 80% conditional on future drilling. Part of the original Hernandarias Prospection acreage was relinquished as part of its progression into the Exploration Term which commenced in November 2015. At the same time President reapplied for the relinquished area under the new Don Quijote Prospection Permit.

During 2016, President submitted an application to progress the Pilcomayo Permit to a Concession into the Exploration Term, which remains pending. A 1 year extension to July 2018 for the Prospection period for Don Quijote has been applied for; after which the Concession application will follow.

Project P243 President Energy (Paraguay) ENVOI Limited

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Regional Evolution & Petroleum Geology: Present day, Paraguay is regionally dominated by two major basins, comprising the Chaco and the Parana Basins. The large intra-cratonic Parana Basin dominates the eastern part of Paraguay and extends into Brazil, Argentina and Uruguay. This is separated from the Chaco Basin to the west by the Asuncion Anticline which follows the line of the Paraguay River. The Chaco Basin is itself an asymmetric foreland basin developed on the eastern side of the Andes Cordillera which today covers most of northwest Paraguay and extends into Argentina and Bolivia. It can be subdivided into four sub-basins comprising the Pilar Sub-basin to the south east, the Carandaity Sub-basin to the northwest, Curupaity Sub-basin in the northern east and the Pirity Sub-basin in the western part of the Chaco, which is largely incorporated within President’s acreage in Paraguay and extends south into Argentina where it is called the Olmeda Sub-basin. The tectonic and stratigraphic evolution which created the region’s present-day geology, although complex, resulted in the deposition of marine to continental sedimentary sequences into a series of intracontinental rift basins, which were subject to, controlled and overprinted by several accretionary orogenic events. Key to the newly defined hydrocarbon prospectivity of NW Paraguay is a clear understanding of the region’s evolution and its effect on the present plays the area contains, albeit largely undrilled. This is the result of President’s extensive work over the last 4 years including all the new and reprocessed seismic and their two new wells. The region’s evolution and prospective geology can now briefly be summarised in three episodes: Phase I - The Paleozoic sequence is dominated by interbedded organic-rich marine shales and shallow-marine clastics, with some glacial influence contained in the primary Silurian-Devonian stratigraphy which contains the main hydrocarbon plays as proven by the many existing producing fields in Bolivia and NW Argentina. Organic-rich shales in both the Devonian and Silurian, constitute the primary hydrocarbon source intervals. These source rich shales also act as top-seals to interbedded sandstone sequences as well as acting as localized glide planes aiding thin-skin tectonics during orogenic episodes. Interbedded sandstone reservoirs are mostly present in the Emsian Devonian (Huamampampa Formation) to Wenlockian (Upper Silurian) stratigraphies but most of the upper Devonian has been eroded. Secondary potential may also exist in certain Carboniferous fluvial/deltaic and glacial formations. Multiple sediment sources contributed to the Chaco region during the lower Paleozoic with an extensional marine environment responsible for the range of shallow to deep water sediments, eroded from exposed cratonic areas that

supplied sediments from the north, east and south, while accreting terranes supplied sediments from the west. President’s Lapacho discovery well has provided critical evidence of the transition from Silurian proximal to distal facies in the west, as well as support for the new structural modeling of the deeper Pirity Basin of Paraguay. The well confirmed the presence of the regionally extensive, fractured, distal deep sea fan facies of the Devonian Icla Formation, the fractured sandstones of the Lower Devonian Santa Rosa Formation, and deep water turbidites of the Upper Silurian Tarabuco Formation. Thick Ludlovian aged sands in the Silurian encountered at the base of the Lapacho well, however, are considered equivalent to the more proximal facies of the upper El Carmen Formation (Sara member) which is productive in the Boomerang area of Bolivia. This raises the possibility of a discrete exposed highland in the region of the Quirquincho/Hayes Arch, which could have been an additional sediment source into the Pirity Basin. President’s new seismic and well data show Paleozoic sediments undergo a progression from more continental nearshore sediments in the north, south and east, to progressively deeper water distal environments westwards towards the Michicola Arch at as encountered in the Don Quijote#1 well location. Basin asymmetry is now also very notable, with increased fault-induced deformation and steepening near the Michicola Arch due to Andean-related shortening. As a result, the current position of interpreted Devonian subcrop edge is now also likely to be located significantly eastward, at least to the South Flank of Pirity. Whilst not an immediate focus, the new well data also supports the conclusions of a recent U.S. Energy Information Administration (EIA) and Advanced Resources International, Inc. report on international shale formations (Ref: World Shale Gas and Shale Oil Resource Assessment dated 17 May 2013). This quotes technically recoverable resources for just the unstructured Palaeozoic areas of the Paraguayan Chaco as 67 Tcf of gas and 3.2 Billion bbls of oil. Phase II – The Mesozoic was regionally a period of largely continental sedimentation resulting from intense rifting with associated magmatism. The Pirity Basin is itself a failed arm of the rifting into which continental rift-fill was also accompanied by shallow marine sedimentation due to a brief inundation of the sea related to the Atlantic Basin. The present day stratigraphy includes stacked regionally proven play potential comprising thick syn-rift lacustrine and fluvial deposits of the Pirgua Group, together with the largely aeolian to incipient shallow marine facies of the Lecho Formation, and restricted shallow marine carbonates, sands and shales of the Yacoraite Formation. These are interpreted in President’s acreage to include extrusive volcanic and volcaniclastic reservoirs equivalent

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to the highly productive Palmar Largo formation at the nearby Palmar Largo complex, immediately across the border in Argentina, from which cumulative production to date has been over 50 MMbo. Organic rich intervals in the Yacoraite carbonates and the lower Puesto Guardian shales are the region’s primary source rocks whilst the Olmedo halite and shales provide an effective regional seal. The Carmen-1 well, although drilled off structure by Oxy in 1985 in the southern part of the present day Pirity Concession acreage, has confirmed the presence of good quality Lecho reservoir, source rocks and top seals only 5km east from the newly revised Imperial prospect complex in President’s acreage. These play elements are proven by the Palmar Largo play analogue 30 km to the west in Argentina and are also now confirmed by President’s seismic mapping to extend east of the Imperial prospects in President’s acreage and expected in the follow-on Delray prospect complex 40km to the east of the Imperial complex. Mesozoic rift-related fold anticlines, with pervasive deformation-related fracturing, and effective top-seals seen in Argentina’s Puesto Guardian-Palmar Largo trend, have already confirmed the trap integrity of the Pirity Basin structures; and also that these Mesozoic structures are full to spill. This is supported by a major study conducted by Schlumberger which models the Yacoriate-Lecho / Palmar Largo volcanics including Paraguay’s petroleum systems, and concluded that the structures in President’s Pirity Concession are also full to spill.

Phase III - Cenozoic deformation related to the Andean Orogeny led to extensional faulting and uplift in NW Argentina and Bolivia. As Andean mountain building continued, crustal loading from the west in the Bolivian foothills and resulted in the formation of most of the region’s structural traps and caused most of major structural features and associated fields of the western Chaco Basin. The impact on the Pirity basin is noted with the increased fault-induced deformation and steepening near the Michicola Arch which, together with the Mesozoic

rift-related folding, produce the pervasive deformation-related fracturing mechanisms observed in the Paleozoic wells. Prospectivity: President’s comprehensive technical work now shows considerable potential in each of their Concession from both the primary Palaeozoic gas / condensate Play and the Cretaceous light oil Plays. The prospectivity of each can be summarised: Pirity Concession: The Palaeozoic play was targeted by President’s first well, PE-PY-J x1, drilled to test the Jacaranda prospect which TD’d at 4,500m in the lower Devonian. The well encountered shows in the secondary Cretaceous and Carboniferous targets which are now thought to have been inadequately sealed. The primary Devonian Huamampampa sands being targeted turned out, where drilled, to be siltstones. Over 800m of Los Monos source rock shales were encountered, however, proving the presence of an active Devonian petroleum system with an oil window determined down to 4,000m. An FMI log showed the whole interval, including the siltstones to be heavily fractured before the well was suspended. President’s second well, PY-PE-L x1, drilled to test the Palaeozoic play in the Lapacho prospect, logged 24m of fractured oil bearing lower Devonian Icla sandstones at 3,926m which were cased-off before the Silurian section was drilled. The well encountered overpressures and mechanical instability in the Silurian section and was TD’d early due to the poor hole conditions at 4,543 m. Based upon significant drilling shows and the limited logging suite that was achieved, the well is now interpreted to have penetrated 54 m of clean gas bearing sandstones with individual sand beds up to 10m thick. Deeper sandstone potential is predicted from the seismic, below the current TD, which suggests a total Silurian sand thickness of more than 80m would have been penetrated if the poor hole conditions has not prevented the early TD. Evaluation of the source rocks has also established the presence of an active Silurian gas/condensate petroleum system with a gas / condensate window below 4,060m.

Project P243 President Energy (Paraguay) ENVOI Limited

Envoi Limited 2017

Due to the hole conditions, only an open hole test was possible over the smaller penetrated interval. Age dating palynology of these sands confirmed a progression from Lochkovian (lower Devonian Santa Rosa), to Pridolian (upper Silurian Tarabuco) and high quality Ludlovian sands at the base of the well equivalent to the more proximal El Carmen (Sara member) sands seen in the Boomerang area of Bolvia. The interval flowed some gas condensate before the test had to be terminated prematurely whilst still lifting the open hole fluids due to either collapse of the hole, or the blockages in the DST string which were observed when the tool was retrieved to surface. A cased hole test was carried out on the Icla sands, although only fresh water from the overlying permeable Pirgua sandstones was produced indicating poor cement isolation. The highly prospective Cretaceous play potential defined on the southern flank of the Pirity Concession, has yet to be drilled even though the southern extension of the play has already been proven and is producing from fields in the Palmar Largo trend just over the border in Argentina. Whilst seismic coverage is still limited regionally, 2 major complexes (Imperial and Delray) including 6 prospects have recently been remapped in President’s concession where covered by 3D, with a further 3 leads covered by 2D. These have an estimated total mean prospective resource of over 500 MMbo. Of these, one of President’s newly defined Cretaceous prospects is 30 km on strike with the Palmar Largo field across the Argentine border. A recent geochemical remote-sensing study has further de-risked and upgraded primary prospects in these complexes to appraisal risk. Hernandarias Concession: The Hernandarias Concession covers the northerly extension of the Palaeozoic play trend, proven in 2014 by President’s Jacaranda and Lapacho wells in the Pirity Concession further south. The Hernandaries concession consequently has a higher density of rotated fault blocks and associated undrilled prospects as well as being shallower. These prospects include at least one large ‘drill ready’ three-way dip anticline against a major bounding fault estimated capable of containing up to 1.5 Tcf gas resource and where the tectonics are most likely to have fractured the Devonian and Silurian section interpreted between 2,000 – 3,500 m. Recent geochemical remote-sensing study in this area and tied to producing Paleozoic fields in Argentina, has further de-risked and upgraded these prospects. Pilcmayo & Don Quijote Concession: These blocks are both in process of Licence transitions including Pilcomayo which is pending approval for conversion from a Prospection permit to a Concession with a 4 year exploration term. The Don Quijote remains in the Prospection period. Both areas were applied for as

protection to extensions of the existing acreage and the new prospectivity identified in the Hernandaries and Pirity Concession immediately to the south. Potential: In summary, Presidents G&G work in their two key Concessions have confirmed stacked play potential containing multiple leads and prospects. The 3D defined prospects on the southern flank of the basin alone contains Cretaceous oil prospects with a combined estimated ‘mean’ prospective oil resource potential of 350 Million bbls recoverable. On the northern flank, just the 3 main Palaeozoic Play prospects defined by good quality 2D seismic, contain an estimated 3 Tcf of ‘mean’ prospective gas resources. In addition, President has identified in excess of 23 additional Cretaceous and Palaeozoic leads on the existing seismic in their acreage giving a total combined estimated unrisked resource potential of 3 billion boe. Commercial: Paraguay currently has no domestic production, so all of its 35,000 bopd hydrocarbon product requirements are currently imported. The currently mothballed 7,500 bpd Villa Elisa refinery near the capital, Asuncion, could however, be restarted if a suitably large new in-country source of oil was discovered when it would be contractually obliged to purchase oil at Brent price. The value of oil in Paraguay is further enhanced by the very favourable tax / royalty fiscal regime which enables even modestly sized discoveries to be commercialised and very good returns from even medium sized fields compared to many other surrounding countries which have mature oil and gas industries. Scoping economics indicate that even at current commodity prices, discovery of a small few million barrel discovery in the Cretaceous play in President’s Pirity Concession would be commercial for an early production system based immediately on either barging oil down river to Argentine refineries or processing it through existing Argentine facilities some 30 km away across the border. Various options exist for gas which could be exported via pipeline as well as developing local markets such as gas-to-power and LPG projects.

Discovery of a 50 MMboe resource as defined in the ‘ready to drill’ 3D defined Cretaceous prospect in President’s Pirity Concession mapped close to the Argentinian border is estimated capable of generating an NPV10 of US$ 500 million involving initial development of 5,000 -10,000 bopd with a topping plant serving local markets, followed by a pipeline to the refinery plus accessing export markets from Asuncion. Work Programme & Obligations: Paraguay Licences are traditionally awarded for an initial 1 year Prospection

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Permit, extendable by a year. Conversion to a Concession with a 4 year Exploration term involving 1 well is then allowed with certain extensions possible. A Concession can be progressed from Exploration to Exploitation with a single commercial discovery. The Exploitation period is then for 20 years with a 10 year extension, during which the remaining exploration of the whole Concession area must be completed and un-explored areas relinquished. The status of Presidents Concessions can be summarised:

Pirity Concession (Law 3479/2008) 100% interest. The Current Exploration term is presently under suspension under Resolution N14/2016 and unless extended will require a well to be spudded by March 2018. The current Exploration period can be extended for up to 2 years to 2020 in order to appraise a discovery including further testing/appraisal of a discovery (e.g. Lapacho) if required to confirm commerciality. Additional extensions are possible, but would require commitment to an additional exploration well.

Hernandarius Concession (Law 5259/2014) 40% interest but right to earn 80% with drilling of a well planned for 2018. Currently in the Exploration term until November 2019 by when the demonstration of a commercial discovery would trigger the Exploitation Period.

Don Quijote Concession: 40% with right to earn 80%. Currently pending approval to extend the initial 1 year’s Prospection term to July 2018 with a minimum commitment of US$ 350,000

Pilcomayo Concession: 100% interest in Exploration Concession with application made (resolution N 1967/2015) for conversion to a Concession with a minimum US$ 910,000 prospection work commitment. Planned Programme: In Pirity, President’s programme is focussed on bringing hydrocarbons to surface to secure the Pirity concession for the next 30 years. A low risk Palmar Largo trend step-out oil well and a side-track and proper flow test of their Lapacho discovery have been planned. Sites have been built, long lead items are in storage and a rig is available in Paraguay. Spud of the Cretaceous oil well by March 2018 is preferred, but a commitment within a 2 year period to re-test Lapacho and drill a Cretaceous oil well will satisfy the primary exploration objective. Estimated costs of drilling the Cretaceous target and a side-track and flow test of the Palaeozoic range from US$ 10 – 15 million per well. In Hernandarias, President is also planning to drill the Boqueron prospect in 2018. A well could be drilled based on the existing 2D data for around US$ 10 million.

Opportunity: President has independently funded the majority of its US$ 100 million exploration programmes in their Paraguay acreage since 2012 which has materially de-risked both the Palaeozoic and Cretaceous plays and resulted in the Lapacho discovery. They are now seeking a strategic partner(s) interested in earning up to a 50 % in one or more of their Concessions and joining them to progress and accelerate the exploitation and upside exploration of this their highly prospective acreage, by initially funding the planned forward appraisal and exploration drilling programme in the Pirity Concession. Participation in the Hernandarias Concession is also on offer by contribution to the planned forward exploration programme including drilling the next well. These are estimated likely to cost between US$ 10 – 15 million each depending upon the target. Any deal done on the Pirity Concession will have to include provision for the 5% GOR and a 3% Net Profits Interest due to former owners of the Pirity Concession agreed by President when they originally acquired their interest in the Concession. Further Information: Access to the key data on this opportunity can be made available after execution of a Confidentiality Agreement (CA). Serious parties will be invited to President’s office in Paraguay, Argentina or London, UK, for detailed project reviews and discussions. All expressions of interest and requests for information should be made through Envoi: Contact: Mike Lakin Envoi Limited Old Stables House, 1d Manor Road, London, W13 0LH, UK T: +44 (0)20 8566 1310 E: deliver@envoi.co.uk I: www.envoi.co.uk

Disclaimer: The information in this memorandum is for guidance only. Neither Envoi Limited (Envoi), or its client(s) (Client) nor any director, officer or employee of Envoi or its Client(s) accepts responsibility for, or makes any representation or warranty, express or implied, with respect to the accuracy or completeness of the information, estimates and opinions contained in this document. This document does not constitute an offer, and neither this document nor the information, estimates and opinions contained in it shall form the basis of any contract. Companies wishing to acquire an interest in the project will be expected to make their own review of all documents and form their own judgments entirely. © Envoi Limited 2017