Ann: Mbelele results clarification, page-51

Good qns, I think having a look at BNL path to development gives an idea of the path that Mgmt is looking at for the early monetisation - this is a lighter capex model as the midstream processing is funded by a third party, in return a fee will be paid, either a fee per unit of feed gas processed, or a fixed monthly fee... This would shift that $40m capex you refer to into Opex, and reduce upfront dilution.I am sure the company will investigate all options (capex vs a lease/contract model for mid stream processing). I have no financial interest in BNL.

BUT, NHE will still need to fund the production wells at a minimum (even under a third party processing model)... There are different ways to fund this but I wont get into that, the simplest is a CR sure.

But, a lot of this detail is all speculative until flow rates and concentrations are known. That all feeds into all the possible monetisation strategies.. As much as I'd love to back of envelope the upside (as NHE did in the presentation and then had to redact it !!!).... There is insufficient info to do that today...