scheme voting, page-32

Guys,
I think they will get their reserve targets.

The margins on the gas are skinny.

I think we are actually selling for around 50c / 2p based on reasonable chance of hitting about 1000pj of gas.

That all lines up well with shells plans to use the gas in about 5+ years time.

Arrow attracted higher metrics because the.offer they got included a substantial portion of surat basin has which had substantially better margins.

At this point I feel strongly justified inn backing the offer based on the performance out of blackwater and long lead times for norwich work.

Something which might debase my opinion is if AGK sells out of moranbah for a substantially higher metric. I would expect them to attract a premium up to 2x what we got based on their development progress, and more importantly the companies substantial other businesses which gives them a strong negotiating position.

Cheers guys,

SF