Ann: Cormorant-1 Exploration Well in PEL 37 Offsh Namibia Result, page-61

John Beggs took a paper loss of around $770,000 today on his shares and his .6 cent options will be lucky to be worth anything before they expire .
Those calling inside trading are not dealing with the reality of what has happened .
The share sale occured before they drilled any targets .
Before drilling into the target sands the signs were promising .
Read the announcement carefully .

The only foreknowledge he had was the same as all investors had .
The well was a Wildcat with a much greater chance of failure than of success .

Those calling a dry hole had the odds very much in their favour .

We are all disappointed that the well did not find commercial oil or gas but we should not be surprised .

Sold out today but have a buy in at .2 cent as I think things will be quiet for a while .

gltah