Ann: Update on S 203D Notice and Northern Gulf Dispute, page-12

Agreed, UZ, looks positive to see a larger buyer step up. I thought some serious buying was coming, watching those strange sell downs on low volume - not that I'm implying this particular buyer was misbehaving.

Mr Yenbamroong and his advisers must be tearing their hair out with all the mis-steps. Can't imagine anyone willingly letting the prized Manora equity be defaulted - but can he get US$27 million + interest, in time? As you say, 60 days from the 20 March Default Notice is looming. IMO:

* They won't be able to get around the default provisions of the Joint Operating Agreement, which is between 3 parties - them, Mubadala and TAP - with vague comments about the Default Notice being "contrary to arrangements in place between NGP and Mubadala". Such as?? Plus, TAP has rights under the JOA, on any default by NGP. Big problem for Mr yenbamroong/NGP.

*If they can't get the money (and assuming they don't want the interest defaulted) they'll have to sell it - but all the chaos may have undermined its value, by limiting possible buyers. Another own goal.

And this from the man who proposes his nominees will run TAP better than the current Board. Really.