Ann: Drilling To Commence at PT Tambang Benua Alam Raya (TBAR), page-21

In my opinion this is a very very smart move for cokal. Proving up TBAR with JORC reported reserves is a strong takeover defence.

atm any offers would purely be based on BBM, and what drill results we currently have. “Potential” is not something that easily comes into valuation no matter the conviction in TBAR’s potential.

having comprehensive drill results for TBAR will force a rerate based on the companies updated reserves and if it’s as juicy as I think it could be, SJ might want to revise any potential takeover bids UP.

if we have good results and now the money to mine it ourselves, good luck getting shareholders to flip.