- Much of the meeting had a very technical aspect with the...

- Much of the meeting had a very technical aspect with the presentation of a large amount of seismic data.

- Interestingly, Bob spoke in a negative manner of Pacific's default earlier in the year despite the cut cost acquisition of the interest.

- Bob spoke of the court issued injunction as I expected. He said that the unions challenge everything in Brazil and that the courts will almost certainly rule in favour of the deal. Bob cited the Carcara divestment as a recent example of that. He also reaffirmed that the divestiture is necessary for Petrobras despite the prevailing oil price circa negotiations.

- Note: KAR can continue performing due diligence but cannot negotiate directly with Petrobras. As such, the injunction will not delay anything besides the date the deal is confirmed.

- Bob said the injunction may be overturned within 1-4 months but didn't seem to know exactly when. He acknowledged it may be overturned as early as this week.

- I waited for approximately 15 minutes to talk to Bob after the meeting. We exchanged greetings, as you do, then I queried him on the preference for the financing of the prospective Tartaruruga Verde acquisition. He unequivocally told me that there will be no capital raising, as I anticipated. He acknowledged KAR may undertake a small amount of debt, but that it will predominantly be financed by selling interest to PARTNERS. He made specific note that it be MULTIPLE partners. This was a stunning revelation and likely means that WPL will not be a JV partner, otherwise it would just be between KAR and WPL. He revealed to me that KAR are in preliminary negotiations with multiple prospective JV partners. He could not reveal to me who they are because of legal requirements. He then asked me for my business card, thinking the whole time that I was an analyst. We then had a laugh and I explained my position to him. He asked if I had exited my position, almost subtly hinting that I should look to sell. I told him I'm in it for the long run which he was proud of. We then said goodbye and he encouraged me to ring the CFO if I have any more question RE the financing of the acquisition.

- Bob revealed that the breakeven oil price is estimated to be around $40, making it one of the lowest cost oil producing assets in South America

- There was an activist investor present. He asked many thoughtless questions regarding global warming, as if KAR are the solitary contributor to it. He was laughed off by the meeting.

All in all, it was a very successful meeting