Given all the wild ideas being thrown around, I thought it was time for a re-post of the AGM from just last year.
I find at times like these, it's always good to remind us of what the Boss said......particularly the part about Buffalo at point number 2.
After arriving at 191 St George's Terrace, we were ushered in to a side room where we were greeted by the delightful Abbey and offered an array of mouthwatering pastries, croissants, coconut ice and even bruschetta.
I was actually a little disappointed when they said we had to move in to the other room to start the meeting.
Previous years we've seen small gatherings, but not today.
There was a buzz in the air and the 100+ crowd, was reduced to 'standing room' only.
I met a savvy old ex broker, who'd flown in from Brisbane for the meeting and made a mental note of some of the 'heavy weights' also in attendance, like Peter Strachan.
Formal business was dealt with swiftly (oh....except for the pain in the ass 'environmentalist' [my opinion only], who tried to arrest the show) and then we moved on to Adrian's cracking presentation and the open question time.
Points to take away and in no particular order:
1) The Company will retain it's 'winning' business model. Hey...if it aint broke, why try and fix it.
2) Adrian and the team's aim, is to use income from near term projects (Buffalo), to 'bootleg up' and provide necessary funding for the likes of Dorado.
3) Sounds like Adrian hates thought of shareholder dilution and those nasty cap raisings. Eeeeoooow.
4) Independently researched to reveal that Dorado is the 15th biggest discovery in the last 4 years....in the WORLD.
5) 2c for the Phoenix asset so far, is 362m barrels.
6) Farmout for Buffalo will commence next year.
7) When asked about Adrian's personal confidence about the PSC for Buffalo, he gave it 8/9 out of 10.
8) The floor asked whether we had the skill set to handle being the operator and producer for Buffalo. Peter and Adrian said they were dealing with one thing at a time, but had plans in place ready to address any shortcomings, and could be executed swiftly.
9) Cheesy takeovers while we are a pissy 38c, are a constant concern.
10) Adrian said we should expect a PSC result for Buffalo, as soon as pre Dec 31st or if not, early next year.
Speaking to Adrian afterwards, I was mindful of his high demand. I only spoke to him briefly, but he introduced me to a wonderful new phrase. Up until now, I thought "champagne problems" was pretty good, but when we were talking about the excitement of Dorado, he said to me:
"Wait and see the 'Dorado Sisters'.
All in all, another exceptional meeting, from a highly professional team.
Oh and for the record, despite a spirited green attempt from the Boss, Thomson's purple paisley effort, clearly won the neck tie competition this year.
Gottalove...
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