Adrian Cook. "Thinking differently"....again., page-43

Roy,

Agree, now is the time to simply persue the current business focus of moving Dorado into FEED, as has indicated. Can’t change strategy with every blow, such as the (easily reversible) Russian refusal to buy into OPEC cuts. Buy back would be a knee jerk reaction which would be as good as saying we will not be persuing Dorado beyond FID. In short a very silly move.

The time to review strategy will be in a few months time, or if STO were to change course on Dorado earlier. Wouldn’t advocate hiring rigs or making any capex decisions atm.

fwiw I prematurely did a small top up the week before last, but went where the internet didn’t last week, and will be keeping my powder dry this week also. Too early imho to know if this remains a bargain, the world is changing. It is however certainly in very robust financial condition with a great balance sheet, a great position from which to persue something else if Dorado doesn’t proceed (eg if the poo were to completely collapse some very cheap production assets in say 2 years).

Patience is the order of the day imho, both for the company, and as an investor. This is as surreal as an Hollywood movie. Frightening imho.

EL