artemis independent valuation, page-7

Was at the AGM and spoke with the Directors.They are competent professionals in their fields & by nature are not predisposed to risk taking. They work hard but do not necessarily play hard perhaps with the exception of Jurgen & CH. Remember, Directors are handicaped in their ability to buy and sell eg. prior to any farmanee announcement in December they are banned from on market trading. I expect the options to lapse. I am utterly confident that a substantial farmanee exists & that all the paper work is in place. Neither Jurgen nor anybody else can be 100% sure.

The CR was a master stroke and protects the small share holders - by far the majority in this company and yes, Dave Maughan the Explorations Manager, was very upbeat in his risk assessment of Artemis - 60% chance of failure 40% chance of success, very high for this type of well. Although I am a long term shareholder I too have been somewhat swamped by the negativity of the sellors and in the first time in a long time have dropped out of the T20, from now on I intend to hold come what may - I believe in the upside potential of this share.