Ann: Ophir Operation Update, page-12

I share your disquiet but I still come back to the Petronas guarantee. Albers is a lawyer so I expect the guarantee to be pretty solid. The original financing agreement includes the Opex for the first nine months after first oil. I've always thought that strange, I've worked on rigs and in the O&G Upstream for decades and have never seen an agreement like that. First oil was November 2017 I think so by July we should be able to activate the guarantee (possibly). At the current SP levels, I think we are way under fair value but the market doesn't like these scenarios so we just have to wait. The next AGM is going to be pretty full on though if this isn't resolved.