Ann: Results of Meeting, page-11

So what you are saying that I can't infer that management are incompetent if they are unable to secure a suitable farm in because of the current difficult market conditions. If that is true then you and I disagree, no harm no foul.

Bhutos they have had years to line up a farmout.

Refer to my previous comment about leverage. The most competent operators I have ever worked with all make sure they have leverage. Whether the market conditions are poor, they succeed, because they have leverage. They don't sit back and go, that's a tall order because the market sucks at the moment. This company has no leverage, which is why we are at the mercy of the market.

I would hope that they know something we don't, but there is nothing to indicate otherwise.