Ann: Section 708A Notice and Appendix 3B, page-43

Good analysis.
The one thing I noticed in my time with ANW was a lot of people invested on the potential and quality of assets in the ground but that is not the company. The company is the group of people, management the board who are running the show. If they are not successful in making it happen then the only value of what is in the ground is as a saleable item or partnership/joint venture with another entity that will make it happen.
That in my mind is the only value that can come from this review, sale of tenements or another party to make it work.