re-rating of the sector, page-30

I think 70 cents or so is correct as to where the deal will go down (if one happens).

And any JV will need to cross invest some equity into AXO as part of the deal to keep the cash in AXO ready to take up its share of the action and to build up the share price for the capital raising.

I remember Woodside doing this to Hardman years ago. They pumped money into Hardman at $1.10 when the price was half that. They also forced Hardman to spend the money only on the project in Mauritania. Hardman then raised a whole stack more money on the basis of the Woodside investment.