Ann: Letter to Shareholders from CEO, page-50

The thing you don't seem to understand is that every well on SM58 has been a geological success. They clearly don't meet your financial expectations, and I'm sure that we all would have hoped for more, but each of them have either proved or advanced a geological model that has led to this upcoming drill program. Not only that, but it has proved that the technology being employed is robust from a geological perspective and has the ability to be redeployed on other salt domes. The IP alone is worth a lot.

Your focus is on short term final performance. Mine is on building a company. I'm looking forward to what appears to be at least a three well program, funded by an entity that has a shared strong belief in the modelling.