Ann: Quarterly Activities Presentation, page-3

UT from my understanding to gain a 20% shareholding of the project not an interest. I see more in terms of having shares compared to being a strategic partner that takes a stake in operations, asset development etc. Not to say that UT won't become a part of the project but there are other interested parties. If ENC is pulled off it'll basically be a one of a kind success story for such a project and will give NIC and edge no competitors have really (why they're going big on this with the FID). I assume they will consider at least 3 factors for any third interest in project:

- ability to add expertise in pulling off complicated project (or at least not complicate it as i think SD probably the brains)
- ability to provide or attract capital investment at attractive rates NIC can't get elsewhere
- won't jeopardise ability to gain access to IRA if Indonesia get a FTA with America

The final Bell Potter Q's go over decent bit of this in the webinar