Strike 3, page-2

About $600k for the first one and 13.3% of $7.5m USD on the second. Absolute chickenfeed for the potential return and a fraction of the company asset backing. No one discusses risk/losses because that is the risk side of risk/reward. Around 1 in 7 oil wells is a success and the company did its due diligence to increase their chances. No doubt, it didn't work - no bones about that - but nothing wrong with their process. Look at SM 74 - you can't get any more de-risked than that, but there is always a chance that you might hit water. Having said that, is there any way that you'd tell management not to participate or to reduce their interest in that one? No, because on paper it is a cracker. Same deal, hopefully a different outcome.