akko - think I said hello on the way in?Agent - enjoyed lunch!...

akko - think I said hello on the way in?

Agent - enjoyed lunch! Thanks for making the effort to come up.

My take on the AGM? The resolutions were passed with minimal discussion = new options + remuneration package. (Amusing to see one of the RBS directors remind John that options are incentives and he didn't expect to see the same thing next year.)

The biggest thing people were interested in is the EFS sale. In particular: how much and what structure?

The formal reply was "we're bound by confidentiality and though we'd dearly love to ... we can't say anything".

That said, Clifford Foss said at least five times through his presentation "This is a valuable pacel of land". to me that screamed disjoint between market cap and asset

Looks to me that not only is the transaction is still very much alive, but that they have have more than one option and they're currently crunching numbers and negotiating. As for the timing? Clifford said and I quote from my notes: "We're on track to complete a transaction this financial year, within a month month? next Couple of weeks?"

Best quote of the day was from Cliff when talking about the quality of the condensate from the current horizontal drills and explaining the $5 premium they get over WTI prices ="It is great stuff with few impurities. It resembles a fine scotch and everybody wants it."