Just to add. The performance shares have a hurdles that is linked to producing more than the 2P reserves.
The definition of reserves is:
RESERVES. Reserves are defined as those quantities of petroleum which are anticipated to be commercially recovered from known accumulations from a given date forward. Reference should be made to the full SPE/WPC Petroleum Reserves Definitions for the complete definitions and guidelines.Estimated recoverable quantities from known accumulations which do not fulfil the requirement of commerciality should be classified as Contingent Resources, as defined below. The definition of commerciality for an accumulation will vary according to local conditions and circumstances and is left to the discretion of the country or company concerned. However, reserves must still be categorized according to the specific criteria of the SPE/WPC definitions and therefore proved reserves will be limited to those quantities that are commercial under current economic conditions.
You all should do the numbers after the September quarterly and see if there has been any economic production. Go to the AGM and ask this question. Then ask why is the Board being rewarded for uneconomic production?
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Just to add. The performance shares have a hurdles that is...
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