Ann: Investor Presentation - September 2018, page-72

some follow up from one of those present at the meeting

''Burma - The Great Bear deal where they only managed to retain an initial 10% after the farmout with an optional further 10% buyin at a later date had me scratching my head somewhat, especially when we were targeting a 30% retention plus some cash and back costs. Last night DW gave an excellent and detailed account how they managed to pull this off ( not sure I'm totally comfortable broadcasting the exact details here even though it was related to several of us in a post presentation huddle) but I felt it showed the professional calibre of the man. Opportunity knocked on our door and after initially discounting Great Bears approach a further opportunity appeared when Otto contacted him with some surprising information and asked if they would join in a JV. Basically Great Bear had backed themselves into a corner and we were able to exploit this to the JV's and our advantage, was a stunning bit of business.''