Ann: General Security Agreement, page-221

All good noob, the exploration space never used to really pay much attention to the POG. Explorers & producers are 2 entirely different types of businesses.

Typically, explorers in the past were valued based on the discovery, quality and size of their resource, had nothing to do with the POG, always based on the economic feasibility of developing the prospect stress tested against various pricing sensitivities. Saw many explorers re-rate 10x during the POG lows of 2013-2018.

Whereas producers always valued based on earnings.

Problem is, we have too overhang of dumbass investors in the sector.

With the short squeeze mid last year, it drove the POG up, alot of speculative money into the sector and they never stay for long. We should hopefully clear most the trapped liquidity in the sector out soon and we can function normally again and the funds decide to pump the sector.