Ann: Strategic Investment & Production Sharing Agreement Update, page-284

I'd like to see SASOL or similar come in for 25%, so we would get US$20M of back-costs paid (unsure if that $80M back-costs quoted was IVZ share or JV share).

What premium to associate for a farm-in? I think 3 wells to cover the next 2 years drilling and testing program would be reasonable.

So US$20M for back costs and say US$60M to cover the next 2 years exploration and appraisal program (3 wells and associated well tests).

US$80M for 25%... values the project today at US$320M or AU$500M odd... with plenty of upside to come for the buyer and funding secured until pilot development for the seller (with the added benefit of SASOL or similar JV partner regional operational experience).

And IVZ share decreases from 70% to a still majority holding of 45%.

I would love to see a deal like this happen.