Ann: Notice of Meeting 11 January 2017, page-5

I totally agree with you with regard to timing and keeping the company undiluted, and running on a shoestring ( directors salary sacrificing for shares) till market conditions improved.
I also think the Peregine agreement is very attractive and was locked away in the early stages of negotiations with possible joint venture partners.
In my opinion Directors have done a wonderfull job keeping the company in tact so that we as shareholders can reap the maximum reward from what is likely to be a very successful multi well drilling program.
Lets hope we see some JV announcements in the near future and get that drill bit rotating early 2017.