streettalk - spill vote looks close thing, page-18

Buddy,

I started out like you and the majority on HC, generally supportive of the move to unseat some directors. I am now unsure. As I have posted previously I am very keen on management having some skin in the game - especially shares they have had to dig deep for - as have I.

But - I am very concerned that support for this change is nothing more than an article of faith - something the human species is well acquainted with - at terrible cost!

I have a sizable holding - not top 20 but not that far out. I am essentially "retired" and and capital preservation is often uppermost in my mind - although the MPO holding is in my "black swan" portfolio (great film btw).

My major concern with the change proposal is that I don't have a clue what the requisitioners have in mind. I am especially concerned that post-change there will be a period of senior management turmoil.

As for the 20bbls pd production - where did this figure come from? How many wells are we talking about - is it all wells (ie incl the 15% of those drilled that were deemed unproductive), do they include the verticals (esentially exploration wells), have they all been optimised etc etc. I understood Spearfish was a WIP with the drilling somewhat hurried in order to retain the leases. I could drone on by it's Saturday.

As for Ian Gorman stepping down as COO - I'm unconcerned as long as he remains with the company. Don't know if he's a family man but maybe the travelling was too much.

Anyway, have a good weekend.