Ann: Notice of Annual General Meeting, page-21

The problem I see with HLX is the lack of cash - it' a chicken and the egg situation - they can't do much meaningful exploration as they have very limited funds, but at the same time without exploration there is little interest in the stock and it's difficult to raise funds at a half reasonable price. Consequently, the stock and the company has become increasingly moribund. Therefore, as I wrote some time ago, HLX management now needs to think outside the box and take some risk and mobilise its undoubtably good assets either by JV, sale of some assets etc. Management's extreme conservatism has served us well to this point since we have retained our assets and have limited shares on issue. However this 'batten down the hatches and proceed very slowly and cautiously' strategy has passed its use by date and we now need a bolder strategy otherwise we risk drifting into oblivion and irrelevance. Come on Mick and HLX board, let's reinvigorate and mobilise our assets for the benefit of all HLX shareholders.