$50 million dollar cr, page-19

one theme, imo, running through these threads (and TB reads these threads, well he did when he cared about SH's, ie needed cash,) is change.

Their record as operator is poor by any standards. They thought it would be easy and have been given the lesson the hard way and SH's have paid for it. (TB is a major shareholder). Change is needed but sadly our board is silent. The board and management wanted a big cut if things went their way with drilling success, now that things haven't, the Board and Management should use the same logic. Some one must pay. A head or two must roll.

Sadly, IMO it's a boys club and they will look after their own interests unless challenged by shareholders. The AGM is is approx 15 weeks away. That should be the focus to get this yacht back out to sea and racing.

There is still potential in Fort Peck, maybe not the northern half in terms of the Bakken Formation, but from my research the lower half (closer to Missouri River) could provide some commercial oil. People forget the Red River Formation (which a systemic is needed). These would be verticals and again not flashy numbers but still economical. Hage and Consolidated have produced over 300K BO since 1996 and are still flowing. They are located v close to FP.

Wyoming - in some ways it would have better if defender was dry, than a decision would be clearer. Go. But they did find oil. HAL have elected to not go again - no surprise there. Seems between the lines relationships could have better, bit of theme there, ie Zavannah.

BUT things can turn here with SOA 2 and a cleaned out Defender. However, these are operational issues and our Board do not seem to have the balls to make the hard decisions. SH's need to drag them there. GLTA. forgive typing errors.

Admin cost during 1/4. How much did the lawyers cost to put together the ill conceived LPIT and than the PR company to clean up the mess? How much does it cost to keep Perth office? How much to fly to London? Really when are going to take a close look at themselves?