Ann: London 121 Investment Conference Presentation, page-26

Thanks Dan, this was really useful as my knowledge of horizontal drilling is confined to the case of Burns Horizontal Drilling in Springfield.

It is fascinating to hear some of the feedback about shareholder engagement on this sute. I cannot think of another company I've invested in where you can literally comment on their reports and they will answer your questions for all to see.

I had personally been put iff this company only because of Swami, even though I thought he was a bit harsh in this case. But after the company to their credit seemed to recognise and take on board the discontent with their last appointment, it seemed hard to go past. That being said I think until they get past capex for FMDP and start another buyback I wouldn't be surprised if share price goes nowhere. While they are slightly different, I've observed for OEL, CE1 and SHE that ASX listed North American O and G plays (and even closer to home ones like CUE and HZN) can trade at ridiculously low multiples for long periods and aggressive capital management/returns is all that seems to work.