Ann: Quarterly Cashflow Report, page-46

We all know and expect a CR soon.

The question is when - before the Appraisal program or after (2 wells).

For me (note, this is just my opinion), the answer simple;

After having read these reports and the action of Cath recently, in offloading most of her exercised options - CR going to be before the Appraisal.

Why would a CEO on a salary of $550,000 per year, offload most of her options, before the result of 2 wells of "Elephant" size discoveries?!?

And lets also remember that the options were exercised, already in-the-money of 6 cents.

If you were in her position, would you Not want to have your SP double, triple and then sell out some (a lot less than what has been sold) to pay for whatever carry costs there might be (basically interest charges on $1.2M for 4 to 5 months plus taxes).