Ann: Hickory-1 Flow Test Operations Update, page-82

Roy,

If there's one thing I've learnt since 2015, it's never be confident with these guys. As the years pass the market gets more wary of 88e.

I get the feeling, it's nearing exhaustion, the bloated SOI(unavoidable) has become the handbrake. And the market is more savvy to the machinations of the company, it's seasonality, the announcements and the wording of them, there becomes a cynicism.

In what should be their best opportunity for holders to turn a profit all of the above, in my view, has come into effect.

So, no I'm not confident of turning the same profit as last year but I also don't discount a hail mary from the company (that's my gambling side revealed).

They will be acutely aware that shareholders need to be rewarded, if they have oversold Hickory-1 they can expect a backlash, not just from shareholders but I expect Burgundy to withdraw from future operations. Were that too happen, what confidence would that give any future partnerships if the company who've been in the room the longest left.....

They need this to work.



Just my thoughts.

Cheers