Capital Management - will we get an update in the Mar 22 Quarterly, page-9

I too would prefer cash, although I don't have an issue with a BB either. More importantly, what you and I want probably doesn't matter a great deal in the scheme of things

I am trying to anticipate what the company will actually do, and when they will so it.
I think that the first tranche of Capital Management will be a buyback.

Let's assume that 12-8-East is a lemon, either immediately or in the future,
Are you suggesting that there will NOT be any capital returns?
Clearly shareholder returns will be significantly less, but NONE at all is not plausible given recent oil price.
Irrespective of 12-8-E performance, combined with recent high oil prices, they should have the ability, and more importantly the confidence, to start distributing capital in the short term, and if not immediately, then at the Annual as you suggest.

I believe that current Net Cash and FCF would give then sufficient confidence in our company's financial position that they could implement a Buy Back as early as May.
Even without a significant contribution from 12-8-E, daily cash generation would still exceed the daily Buy Back cost.