guess, page-25

Ville,
The C geology has been well known for a while. If they thought the U was too difficult that would not have signalled as being in the race.

My quick cash flow goes like this (assuming we get C)

$1.4 -
.1 (SFR) -
.1 (Dividend) -
.3 (C) +
.3 (H2 production) = $1.2 -
.15 (western U/g)-
.1 (dividend) +
.3 (H1 production) = $1.25

i.e. we have enough cash to pay a dividend and fast track C develpment. If we do nothing else, in 3 years we generate 1.2B in extra cash and so have the free cash to pay for C without going into debt.

That would then raise the ? of what to do with SFR. Does OZL hold onto the stake, borrow to do the t/o or sell?

HT1