Yes, every morning when Iain gets out of bed he should be thinking about increasing shareholder value with the "opportunity" he has been given to run Ithaca Energy - something that seems to have been lost in translation somewhere with him.  I would agree with konzelmann that a dividend may be tough to do given the low reserve life and unpredictable challenges of the North Sea. I see this company very different compared to a Mart Resources where capital cost are low and free cash flow quite frankly is ridiculous. Clearly Ithaca's "strategy" right now is just to focus on Stella and not screwing that one up......we won't know until 2014 how it all turns out. I mentioned it here in the past that expected cash flow are way down when only producing 6k instead of the 10k expected in prior year forecasts.....I believe they are just going to hunker down here for the year and focus on funding/developing Stella without much sizzle.  Quite possible to do a couple of bolt on acquisitions but I wouldn't expect anything major for 2013.