Ann: NWE: Xanadu 3D Seismic Results, page-9

I'm not sure whether that is in the long-term interest of shareholders. Certainly is for short-term investors.

Right now the only asset underpinning the share-price, and the basis on which the company may raise further debt or equity funding, is its share in GAS. Spinning them off as you suggest would likely destroy any opportunity TEG has to grow CH and make use of ASP, further explore Xanadu and earn the 50% in L7 we still need to cough up for.

I get your point. I bought TEG because I couldn't get a GAS IPO allocation. Soon after I realised I was more interested in being a TEG holder than GAS as I want exposure to the opportunities in ALL assets.

W.r.t. the incentives & vote - The share price incentive is still likely an easy mark based on GAS results over the next 3 - 6mths. I'm still against that, although it's obviously a bit further to 17c than it was a couple of weeks ago. The reserves target now seems a more reasonable incentive target given Xanadu won't be adding to the reserve figures for sometime (still confident there's some oil there). I do agree though that a reserves target has conflict issues in itself.