Technical update, page-98

At the moment I am invested in some companies, drilling, exploring turbidite sediment fans.

I like the Panr turbidite, it is charged with hydrocarbon, that means yes we have a source rock, yes we have a sealing. The "only" missing link is a good reservoir, which should, could be charged with oil. But Panr thinks that they will drill this reservoir with better poro perm in the shallower part of the turbidity.

My conclusion was not to buy Panr, because I would have been involved in Panr by holding Oel. And I did not like the unconventional shale oil reservoir discussion in Alaska at this time.

I was wrong! Wrong assumption and I kick myself for not buying Panr.

I think that Oel got some good, experienced oil and upstream professionals who understand the oil business. So it is difficult for me to understand the way this guys are acting. Instead of high risk high award in Alaska like real oilmen, they acted like chicken and farmed in with little money in two small assets in Texas. Real oil men, guys who became oil billionaires would have gone for the high risk high reward option. Well I have to think about my own way of thinking :-(( as well.