Ann: Chairmans Letter to Shareholders , page-6

Hi dunnycan
I agree Kurnia was farmdown and worth the punt. I even forgive the cost blowout as they were chasing the gas
Gurame - well one could argue they were sold a dud , if you remember there was always conjecture as why COE had a 75 percent COS and the other JV a 25 percent COS
The Tunisia assets - well what can we say , millions to buy , 10s of millions to drill - not the best use of funds . The did a massive CR of the Tunisia permit who had the benefit of the existing Tazerka oilfield which conveniently disappeared from all presentations quietly.
But the big cross against managements name is there inability to buy any lower risk development or appraisal assets during a year of bargain basement prices. They have not deserved their big pay packets over the years and have themselves added no value - the shareprice has been supported by PEL92 who's success is due to the beach team not COE.