announcement - we have a deal, page-17

Fergusons dept intervened to get the deal done end of last year AIUI so with Dept Res's heavily promoting Prelude they will I'm sure already have a verbal but need final binding agreements to execute application.

Biggest danger here is that Osaka/Kogas or MMI etc will want to look at say a 20c TO rather than pay 300-400M+ for NXS's 15% post Shell oppie for 2% @ 75m. Allowing for flogging LT to STO and Echuca, a TO could almost be 50% or more free carried.

The longer it stays here the more likely we get a hostile.

My opinion only.