Ann: Maverick Shareholder Letter, page-79

I agree Adriano, people should give up on conspiracy theories and talk of action against directors. Looking at their acquisitions it is clear that most if not all were true believers in the company. By this I mean they thought it was either worth what shares were trading for or worth more at different times. This behavior would reflect the board discussions and minutes.

I think the uncertainty of reserves valuation has been well explained and directors cannot be held accountable for that. No one is saying there is not oil there. What has been proved is that it cannot be removed economically.

We can go to agm and have a go but it will not change this.

Now it is about what we actually do have as assets and what we can do, plan to do and then actually do.

Such is life!