Ann: Corporate and Operational Update, page-3

Good stuff...
..nice to see the 20m future distrib of the BYEs reaffirmed....as well as directors waiving all wages and working for free...

Byron Energy Equity Holding and balance sheet:Metgasco’s circa 40 million shares in Byron Energy (ASX:BYE) remain a significant asset of the company. The recent increase in Byron‘s share price is clearly directly related to the WTI oil price increasing and reflects the substantial prospectivity inherent in Byron’s shallow-water Gulf of Mexico portfolio. Every 1 cent increase in BYE’s share price this adds around $400k of value to Metgasco’s balance sheet.While Metgasco intends to sell Byron shares occasionally as part of its normal capital management process, it views this asset as strategic in nature and furthermore remains committed to its previously stated intention to undertake a distribution of 20 million of BYE shares to its shareholders, when this will be prudent and responsible.Metgasco is evaluating options to strengthen its balance sheet and, during the current period of significantly heightened economic uncertainty, has taken additional measures, beyond those already announced, to conserve cash in the business. Although the Company is adequately funded for near term activities without the need to further dispose of investment assets, the Vali-1 commercialisation program and development of the Company’s wider portfolio will require additional funding. CEO Ken Aitken has agreed to defer a further 25% of his salary, and independent directors Mr. Philip Amery and Dr. Robbert Willink have volunteered to waive their already halved board fees, to July 2020, when outcomes at Vali-1 are likely to be known.