Again a very sparse turnout, 4 or 5 shareholders? Just coffee on offer, no biscuits! During the formal business Randy gave a review of progress in the year to date & took a number of questions about the current state of play & forward plans. Currently the rig is at BB North completing the second horiz well & the planned water injector has been drilled on the western flank of the field. The company hopes to drill a third horiz, but that's not definite. News here in the not too distant. After BB North, plan has been to drill the BBN Terrace, although permits have not been finalised. If this is not sorted in time the plan is to probably move to drill one of the Buried Hill prospects (Songkhla J). An updated reserves report on BB North is in progress & the company anticpates this being completed in around 3 weeks time. The company is looking at a couple of options regarding a second drilling rig, opting to source one from within the region to avoid mobilisation costs. They're hopeful of having a second rig in place in September. The rig bought to be used for production at BB South is currently being shipped from the GoM & is expected to be in place by late September. Once installed there'll be further appraisal drilling to determine the eastern extent of the Miocene & a 4/5 stage frac on the 03ST well (Eocene). The company have been encouraged by the steady production from a single stage frac at BB Main. It was also mentioned that the market for rigs to be converted to production platforms has tightened. The company is also looking at a new interest(s) outside of Thailand. Not too much given away & news probably not imminent, maybe we'll hear something in the next few months? It sounds like a fallow discovery, but with decent explo upside; it needs to be material to the company. Possibly the reason for the recent new addition on the corporate prsentation? (page 26, comparative fiscal regimes in Asia) As per the buyback RNS, the company does from time to time receive interest, but it was stressed that the company is not being marketed, offers are not being sought, but obviously if any serious expressions of interest were received (significantly above the current SP) they would be discussed by the board/major shareholders. Also interesting to discover that the company have mapped at least one Miocene prospect on the eastern side of the basin (stratigraphic) & see significant further Miocene stratigraphic prospectivity. Following a fairly extended discussion of operations, the formal business continued with a fairly lengthy (& very open) discussion of the board's remuneration, the main issue being its lack of simplicity. I don't think there was any sense that rewards the board have reaped haven't been well earned.
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