Ann: Thailand Drilling Update, page-17

Cujo,

You make some valid points, but if the CEO of an oiler is not a pretty good geologist then I at least expect at least one on the board - without Ted who do we have?

As for Thailand, Ted followed the oil to CVN when observers were scratching their heads as to why, then the volcanics were discovered. Somehow POE seemed to have badly managed them, and yes Ted has responsibility for sure as our CEO at the time. As CEO he probably should have given more urgency to reducing our dependency on one producing asset, bad stuff happens in oil with the best of endeavours, but credit to him as an oil finding geologist for sniffing the oil there ( and at PS).

I seem to recall the sp didn't quite drop to 3 cents, but take your point it was on the ropes.

I suspect it was right for Ted to step aside as CEO, but not from the board, and I suspect that with time he will have more than redeemed himself with the Phoenix permits and the sale of the rest of Thailand.

As for my voting against the remuneration report, my understanding is that a vote against it is not binding the first year it occurs, but a wake up call, and yes really a protest vote.

Any way those are my thoughts, albeit little of it is black and white. I favour core competencies being well represented at decision making level in companies. I also value those that bit extra even if even they screw it up occasionally.

EL