By talos shares I trust you mean PANR shares, and yea MU did...

By talos shares I trust you mean PANR shares, and yea MU did give a fairly comprehensive answer to sale of these.

re GC21 if they can add 300-350 Bopd on a NRI basis for $5m additional cost it’s a no brainer. Clearly the costs to date are sunk but the point forward economics look promising. MU did give a clear geological interpretation of the difference between the MP and DTR sands for those interested. He did highlight the numbers were conservative from talos which makes sense based on the outcome to date - originally I believe the thought the upper target would produce 4-5k gross which would be 550-650 bopd nri basis so not to be sneezed at.

Can’t argue with your financial point but this is the same for the entire O&G market, many oilers haven’t been able to strengthen their balance sheets it’s worth noting.

The preso provided no new information but the Q&A was very informative. MU did answer questions as they came through none of my 7 or so questions was screened.

key takeaways I got from the Q&A

- PANR share sale occurred following a predetermined internal review. 75% of shares were to be sold on the SP getting to 70p.

- A lot more information provided on the rational for delayed G#3/4/5 drilling.

- point forward economics and expected production from recompletion discussed MU made it clear he felt the numbers were conservative from talos.

- key management personal still locked from buying shares on market as and when the opportunity presents itself MU insinuated he would buy more.

- no bye/OEL mgmt breakdown still working together re F2/5

- they are still deciding whether to repay and replace MB loan with cash held, at present they want the liquidity to move should opportunities present themselves. He was quite clear they are looking at alternative funders to provide greater flexibility.

- new instos have joined the register of late explains recent buys.

-drilling underway at one of the two new deals - second to commence shortly- they believe it is a very promising play.

- they have been unsuccessful in a few opportunities of late to farm into opportunities.

-reiterated the SP remains undervalued based on key metrics.

All in all the most ad lib I have seen MU and it seemed to work no patsy questions or screening which was pleasing to see. Let’s hope whoever wants in isn’t done quite yet.