Ann: Rafael 3D Seismic Survey Early Insights Update, page-49

Pretty sure Eric didn’t splash his last $30k to give any indicative, highly conditional, non-binding farcical premium to the 3m VWAP the time of day. The board would never entertain such a thing and we would never know in any case. I don’t know where the tipping point lies when they might at least feel obliged to publicly acknowledge interest of that nature, but it’s a long way from here. I’m just floating the idea that when it gets to deal o’clock around Easter (when we will be hopefully a few multiples from here on the resource upgrade and strategic partner speculation) that a t/o might be an alternative option for certain parties. Only Eric knows what’s in his mind, but he might well have an idea of where BRU gets to before leaving it in the capable hands of another entity and I suspect that’s not before Rafa’s potential is fulfilled. But how we could defend a lo-ball offer of say $335m or 50c/s, I’m not sure. I’m hoping we get to at least this time next year and fending off premiums to $1/s left, right and centre…