Ann: Results of Meeting, page-182

Delux, Rastes and Trumpy. A thought re Atzam#5, IMO, the near final nail in the coffin that has brought us to this situation.
Keeping in mind that most considered that A#5 was a near mirror image of A#4.
Now put yourselves in LAR's position.
They "finally!!!" finish drilling A#5 with lots of hiccups along the way and it cost them a bundle.
LAR probably wiped out their own bank account.
They are now using CTR money to do the testing.
With that 200 odd BOD being the "safest" production from C17 in A#4, with a risk of blowing A#4 if they released the choke, they do not want to rely on C17 as their production zone in A#5. Two times 200BOD with high geological risk was simply not a good enough outcome for LAR from 2 wells.

So, they give C19 in A#5 a go and stuff that up. They then go to C18 and get oil!! They are encouraged, but, they wanted that 1,000BOD initial flow that they initially got from A#4, but, it wouldn't come and not wanting to leave C18 and "risk" going to C17, they tried every trick in the book to increase the flow from C18. It's all there on record.
BUT, they ran out of dough before they finished what they were trying to achieve.

CTR didn't have any dough and were really pissed off that there was no dough left and they hadn't put A#5 into production. Their view being that 260BOD with a chance of extending that from C17 was better than putting ALL their combined eggs into C18 and getting nothing.

They were both left with no dough and A#4 the only income producer and with their SP massacred, no hope of raising any cash. Bleeding angry and frustrated, it was not a happy team!!
The POO being smashed around the same time was the final nail in the coffin.

No conspiracies, combination of bad economic management on the owner's part and an expensive gamble on the operator's part that still hasn't been satisfied. "That" was the "strain" between CTR and LAR that we kept hearing about.

Now, I'm serious about this, IMO, we are close to the last play in this excruciating game.
That prospectus must be very close to being released for the CR.

IMO, IF they can raise anywhere near $6 million, most of it will have come from people who want to get into the Pearl deal. No way they will get $6 million to re-open A#5!!!!!
So, what do we think IF they do raise n$6 million???

I know what I'll think if they don't. Goodbye immediately.

But, to raise $6 million, frankly, even trying to raise $6 million by this company, must tell us something. There is no way that I reckon that it will be sucker punter dough like OKAP's previous games.
From what I have heard, the people who want the Pearl deal to get off the ground, initially via CTR, are FAR from being mug punters. This idea has been worked on for nearly 12 months and IMO it is already structured to take off (minus some CTR people!!).

Now, everyone's right when I haven't "clarified" my "sources". I deliberately have not because I am waiting to see IF these so called "serious" players put their cash where these "sources" mouths are.

The result of that CTR will tell me everything I want to know.

Now, let's wait and see what's in the prospectus.
I have made representations to B.M. expressing the great dissatisfaction in how existing CTR shareholders have been treated, on top of what has happened to their investment in Guatemala, (not their fault) then with the consolidation which was the final nail in their investment and particularly the option holders who have lost everything.
All the work being done looks obvious that it has been in the interests of the Pearl "people" and that the CTR holders have been abandoned.

I want to see the prospectus before I go any further and I hope to see that very soon. I will then be more than happy to continue this discussion as it could very well be the last one we have.