Ann: Corporate Governance Statement, page-8

Interesting take.

So with plans in place if the partner talks fail to reduce the percentage of Uruguay in order to proceed and taking 100% of Spain, how do you reach the conclusion that it’s all over?

The management team have plenty of skin in the game and while no one is disputing poor communication and extremely bad luck (mismanagement), there is plenty of incentive for success.

If the search for a funding partner fails, the ‘backup plan’ is invoked and we eventually get the drill turning again. Well 2 can’t be drilled, not good, move to Well 4. Well 4 no oil we’ve wasted 5 years and we move on to Spain.

Surely the run of bad luck can’t continue forever?