Ann: Clarification of Substantial Holder from FFI Group, page-6

Yeah look that's a pretty subjective topic we'd all have a view on but was just commenting that it doesn't appear that FFI were buying on market.

I don't think 2014-5 mc matters much at all, as companies change with time, especially microcaps.

I've said before that DYL looks expensive vs peers but the market disagrees, which is all that counts. It's attributing a premium for mgmt.

The market could be pricing in dilution for Alligator River activity. Yes, there's upside potential but drilling at this stage is inherently risky and will take a lot of capital and time (several northern field seasons). Portions of the market may also lack confidence in the capital mgmt of the company, given the last raise was at 11c and also that cash burn is still well above peers. Lastly, portions of the market may see the capex hurdle something more suited to a higher U price environment and prefer to invest in stocks like BOE, PDN etc till then. This seems to have been Tribeca's strategy, which is why it seemed strange that BMN were able to get Tribeca onboard, given their large, ootm asset. This in itself could also pose a question; why were BMN able to get Tribeca to help clear their RCF overhang but not VMY.

Lots of opinions Andy and that's all the above is. I'll just keep watching with interest and should be a trade here, post-raise.