Ann: Annual Report 2013 , page-3

"Costs will also exclude all exploration and development
expenditure for the period after deduction of all administrative costs associated with these expenditures".

If I read this correctly, the Board can pay themselves 20% of the net cash flow (up to a maximum of $1.2 million) without including exploration, development and administrative costs. So what other major costs are there?

They can spend whatever they like on unproductive wells without impinging on their bonus payments - surely I'm missing something here!

I've just printed off the Annual Report so will go and spend some time digesting it,