Ann: Spill Meeting, page-84

wow, lots of new comments to skim through today...but it's still the same people in here daily just talking to ourselves. At least Wazza is new!!

Personally, I never expected SHE to be a rocket or 1000%-er from a shareprice perspective.
I started investing years ago and have built up a large position in the expectation that the increasing production & earnings will eventually translate into a balanced capital management strategy, with a percentage dedicated to sustaining capex and new well investments, and a percentage of free cashflow dedicated to direct shareholder returns (in the form of dividends or buyback to reduce SOI).

The pace of this "maturing" of the business has definitely been significantly slower than I and many other major holders would expect to see. Yes, this has created the "value opportunity" to own a large percentage of the business for a relatively modest outlay...but at some point the rubber has to meet the road, and David needs to outline a forward plan (endorsed by the board) for how he is going split the earnings of the business between retained earnings, new growth, and Shareholder returns.

This is how & why we end up with spill resolutions. A forward capital management plan probably could have avoided all this.



ps. If anyone still sees value in SHE at a $10M market cap, you can grab $40k worth on offer right now