More likely some complicated three party agreement involving a gas offtake agreement so that they can play smoke and mirrors whilst looking like getting a flattering look through valuation. Especially if the IPO is aimed at retail punters.
If they want a flattering look through price they will not want to be paying it themselves, nor would anything they paid themselves be a valid look through.
We are imho best to ride this through quite a bit more exploration, and then given the team we have and other permits perhaps even the an asset sale rather than a TO would be in our best interests.
EL
Euroz comment, page-5
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