Ann: OTTO PROVIDES UPDATE ON TIMETABLE FOR RETURN OF CAPITAL, page-44

My impression was that a deal was close to being done when Steve Herod replaced MikeU.
I suspect that the everything went pear shaped due to GC21 (again/finally) underperformance.
They wrote GC21 book value to $0 in the half year report.
It may even be costing them to produce barrels at the moment (still profitable for Talos as they clip the ticket for using their infrastructure).
From memory Otto had around AUD$6 to 7m contingent liability to abandon GC21 in the 2023 Annual Report.
I believe that this would still exist.
So GC21 went from sale price of USD$15 to USD$25 to being unsalable, i.e., need to pay Talos to take it off their hands.
Commodity prices are lower as well.

The encouraging news is that I am out, i.e., I don't have any more to sell.

I had planned to keep 35% to 50%, but Jetter makes me nervous because
$0.008 capital return is not certain imo, and I don't want to see the bargain that they buy.
Not enough information on cost cutting measures,
He states Director fees reduced - why not say by how much?
Previously announced Technical position abolished. However, did this reduce head count? They didn't say. I suspect not.
I thought that Herod would finish, and the Tech guy would be appointed CEO (thereby reducing head count).
I still think that this is likely.