Ann: Strategic Review, page-17

The strategic review response is disppointing and selling Manora at present is a fundamentally flawed strategy IMO.

The oil price is at the bottom of a cycle, so selling the company's primary asset with the highest financial potential, at the bottom of the commodity price cycle, is madness unless the company is on the verge of administration, which I do not understand to be the case.

I would hope the board could come up with a better thought through plan other than sell ,the farm. We are not at that point yet.

Selling the other assets is a better idea, but the market is completely rooted at present so this is not really a viable alternative either. So the re-financing was a good move.

I think this is a case of toughing it out, seeing Manora through the current oil price cycle and managing the asset accordingly, and taking the opportunity to rejuvenate the board/management.

Regarding the board machinations, Alan Stein's last gig was Neon which ended disastrously. Nido has been a success under the current management, after Dave Whitby left, so I doubt he warrants credit for Nido.

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