Ann: Results of Meeting, page-4

i think that assessment is completely wrong. you should read all the 'analysis' of the Gambia assets as for the benefit of buyers (recall these assets are up for sale/farm out). they made it v clear new shareholder capital will not go into drilling.

they also made it clear the alternative to any M&A/new business will be buybacks or capital return. obviously i think finding any M&A deal superior to accretive capital return, in the current environment, will be v difficult.

they also specifically mentioned monetisation of the earnout for the first time; have a caretake CFO; and are continuing to cut costs.

i think this is still basically a quasi-liquidation and a year from today most all the capital will have been returned, hopefully accretively. i bought more today.