Ann: Binding Offtake Agreement - Japanese market, page-55

Morning and thanks for sharing your thoughts on this one.

Maybe im still transitioning from the glass half empty position, however I interpreted the wording in the announcement slightly differently.

In terms of the standard CPs in favour of the company, my take is they are more “protective” CPs as opposed to one we can use to be “proactive” or take control.

For example I would assume they are along the lines of if we don’t achieve a positive FID by a certain date or we don’t produce the desired product by a certain date then we have a get out clause that protects us from any harm associated with breaching the terms of the agreement.

With regard to your comments about product mix I’m intrigued to see how this plays out and it appears at the moment it’s a positive to have some flexibility in this space but given it impacts plant design, costing and project financing a bullet need to be bitten at some point and a decision made.