uk farm out announced, page-30

This deal suffices for me for the short term, justifies maintaining my long suffering holding.

Still have it personally simply as a hold, mostly since I've done no research on the UK asset base but remain disappointed with the long term performance of management, in Asia in particular ( and going back to the Arrow days).

Someone has already correctly presented an inferred value for the farmed out assets of $200 mm ($150mm for DTEs 75%). I would however caution that this value is still unrisked wrt much of the political risk - ie I assume GDF will not be spending much if any of the USD36mm if serious political obstacles occur.

Regardless, very good to finally have some serious credible third party involvement and cash committment.

Will have to do my research at some stage to determine whether to cut my losses or to hold for the long term as originally intended. Will not be adding more though.

EL