re: mycrowsoft: feedback from agm capman Just to clarify some points:
1) There were no pay increases. They have increased the CAP for POTENTIAL pay for non-exec's from 600k to 900k. The board decided to decrease the amount due to the number of proxy votes against the resolution, and has said that to increase the CAP to 1.2 mill they would call a meeting. It's all in today's announcements. They believe this increase is required to attract the calibre of staff that they will potentially require moving forward.
2) Ching going from 75 to 45k BOPD. I think this has been pretty much covered. They aren't happy about it, and currently can't do anything about it without a rig there. From the presentation and the discussions I had I got the feeling that IF all the necessary equipment is there when the Atwood Hunter gets there then they will do the remedial work before the explo campaign starts. If not, it will be end of Q3/start of Q4. Until then, it should remain stable at 40-45k BOPD.
3) Capman, exploration vs reserves. Again, none of this was said, but the feeling was that they want oil out of the ground ASAP. This is why they are acquiring onshore targets (cheaper to drill and develop), which will compliment the offshore targets. And why they want to retain at least 40% equity in new ventures, and operatorship if possible. Basically, they want to control their own destiny. They can't currently do that in Mauritania because they don't have a big enough stake. Again, none of this was said, basically the feeling that I got from the entire morning.
4) The posters on the walls at the back were interesting, as they always are. I noted on one of the Guyane ones that they have another lead called "Aptian Lead A", or something along those lines. If you look at page 11 of Potter's presentation, I *think* it is the light blue one directly below Matamata (the orange one). The poster said that it has the potential to contain 3.5 BILLION barrels of oil :).
HDR
hardman resources limited
