Ann: Response to Media Coverage - Non Binding Indicative Proposal, page-163

... please calm down.You are not Robin Hood.

Mir911 is one of the most respected & trusted shareholder at STX over the last decade. I can't remember when he ever got it wrong about "company insights". Yes, he wants to make money like all of us. But to speak of "stolen value" is beyond harsh.

It's all about risk and de-risking. We would get fair value (20-25c ex Mongolia) for Walyering for its current status. If Condor /L7 were to come into play, you're absolutely right with a higher fair value. But take a look at NWE. Their second well was a dud and MIN ended up paying way too much money with the acquisition of NWE (compared to initial value calculations). MIN took the risk of drilling at an early stage and lost. --- that's the game

It's the same here. If TPD moves on, we definitively need fresh money to proceed with Gurvantes, L7, Condor etc. Even Walyering would not provide enough money for all. Finally, there is a real chance of beeing successful with some of the projects, but it takes years, CRs and we still have the drilling risk and could end up with a duster.

If STX takes over the risks it could end up with dusters/fails as well, but they are much larger and a much safer heaven with SE/WE.

just my POV.

cheers