Ann: March 2023 Quarterly Report, page-5

Positive developments with the shutdown and reduction in tax liability in my view.

I suspect management are close to announcing an acquisition within Brazil or Gulf of Mexico. My preference would be for excess funds to be allocated towards M&A improving the geographic and political risk. In the event that they don't find a suitable opportunity it makes sense to distribute accumulated FCF & cash via a dividend.

Patience is required here - we need to see an uptick in the oil price for this to really fly in the second half of this calendar year