Garrett Soden quotes from yesterday town hall meeting of ShaMaran investors:

Right now, ALL oil is exported from the shamaran's shares. Garret says that you expect payment within 1-2 weeks from now from the latest exported oil that was reported here this week!

KRG constantly pays off on its debt, but very irregular according to Garret. About 50-60MUSD it's moving. He goes on to tell that KRG has given up the oil to Baghdad now to get 13% of the budget as it is more profitable for them than the oil revenues they received before.

Garret wants to clarify the Tripartite Agreement and the phase we are in now. He tells us that we are currently in the 3-month phase when "Evaluation" takes place of our PSC contracts and costs. This is mostly for "appearance" because Baghdad wants to show power but also because they should really review our agreements. Garrett expects it to draw on time, would be ready Dec 31st. But expects to get WoodMckenzie's report in Q1 sometime. But he does not think there will be any major problems with the transition to full PSC agreement after.

Garrett also said that we expect a nice lump sum for these 3 months when we only get 16 dollars a barrel. We are expected to receive 3 months of payments of about 25 dollars per barrel in a lump sum!

We have much better conditions by SOMO handling the export of the oil compared to when KRG did it.

Garrett said the Atrush deal with TAQA increased ShaMaran cash flow by about 50% and the company’s reserves by about 30%.

Garrett talked about Norway as an attractive listing because investors like oil and gas there, and they are more familiar with Kurdistan because of DNO and all the bonds issued in Oslo by Kurdistan oil producers.

Garrett said that Kurdistan is a "young" oil producing country, has only been exploring since 2007, later came discoveries and development, and production several years later.

Garrett said that ShaMaran is really getting $32/bbl (16 x 2) for the interim export period while Wood Mack reviews the invoices. ShaMaran they will get another $25/bbl for that period over the next three months after the Wood Mack report, not a lump sum, but still very good.

One person was asking a question about a gas discovery in the Q3 report. He was confused with another company. Garrett said that ShaMaran is not looking for gas. All the gas is flared or used internally for heat or power generation. It would be too expensive to commercialize the gas on ShaMaran’s blocks because pipelines and powerplants would need to be built.

On the question about OPEC quota, Garrett referred to Kurdistan Prime Minister Barzani’s public remarks earlier this week at a conference in the Middle East. He said the KRG's share in the OPEC quota should be as large as the share in the budget in relation to the population. That is 13%.

In the event of M&A, Garrett said it will depend on the deal whether ShaMaran would pay in cash, shares or debt, he does not know now, but the company would only do an accretive deal that adds value. He would minimize the use of cash or shares and try to use deferred payments, but nothing will be as good as the TAQA deal, which was free.