Ann: Response to ASX Price Query, page-7

My guess is Nero wants to make a splash at the AGM 17/11/23. Recent notification was 90m shares (5%). Perhaps another 20m+ (assuming it is the big buyer today and maybe for next few days) may show they are committed to getting noticed at the AGM and getting a seat at the table. Buying at cash balances with Dorado and Pavo as cream is a sound business plan. I would welcome Nero as fresh eyes and plans can't be bad ATM. Current board and management seem like deer in the headlights but to be honest there's not much more they can do to excite shareholders and the market. 2024 hopefully will be a transformational year. STO hold the keys as the Barossa project is frustrating Gallagher no end. STO must be looking to divest a large chunk given Gallagher's stated aim to "re-balance the portfolio". IMO this is code for reducing offshore O&G in OZ that keeps getting bogged down in red tape and looking elsewhere more sympathetic.