Fundamentals and General Discussion, page-149

We have a few things going for us on the market level

- Russian crude set to drop by 1M barrels this year
- Current UK proven reserves sitting around five years total output
- US fracking growth is down
- Russian Oil ban in force February 5th
- EU diversification
- US restock of SPR

When you take a step back and look at the macro situation it starts to make a little more sense why the US is about-facing on Venezuela energy sanctions, and the UK has initiated it’s largest exploration block released in ~ four years. I hear the FDR team is working extremely hard, I’m sure it has nothing to do with analysing all those UK block tenders

I increased my holding to 6.95M shares, roughly 4% of company

GLTA