Ann: Annual General Meeting Presentation, page-109

The remaining happy clappers are such a dignified and magnanimous lot.

We've heard from Far at AGM and apart from possibly going out of business in September, it seems to be business as usual (except of course for Mildred the tea lady who has unfortunately been sacked). "Crisis, what crisis?", says good old Reggie Boy, "The Admiral" as we fondly like to call him. I prefer "Tosspot The Incompetent" myself.

Don't get angry is the call, they worked really really hard.

DB still says it's all WPL's fault and the FPSO costs etc etc damn them, but no-one is listening to his rants anymore or perhaps just don't care, maybe get a separate thread just for that as it's becoming tedious.

The reality is these clowns have DESTROYED our investment. You have less money now than you did before they discovered oil. 3, 4 or 5 billion barrels of OIL depending on what day of the week Cath says it on and around 60million barrels of oil to our name in first two phases of Sangomar. Again, given that the incompetent have raised funds for 11 out of 11 successful drills (horray, we should be rich), and now have 10Billion shares on register, that means that for the shares to be 10c we would be a Billion dollar company (currently $140M) - so roughly those 60million barrels of oil need to make around $20+ or more a barrel profit reflecting time value of oil, taxes, financing costs and the now material corporate overheads. This is not entirely unachievable, but Brent is currently $40 for Cal21, we have no financing agreed, and a bunch of amateurs still in charge of executing.

The sad position is we need further discoveries to add value and no money to explore. SNE discovery has been ruined for investors by decisions made by this lot and we've a loss to show for it....and, what's to prevent same again even if we added to SNE volume or Gambia drill success?

Not bad if you bought in at around 8c with all this potential and the value created by Tosspot the Incompetent and team is currently minus 6.5c for shareholders with further downside potential. Yes, they've worked really hard indeed?!?!

Good riddance to Far is the Vehicle and all his mates, let's get some realism.