Ann: Brief Update , page-5

Here is my spin on it, in summary:

- I flagged the possibility of this occuring a few months ago, so the warning was there.

- I wouldnt focus on the perceived negative. In my view this is a positive:
a) removes the uncertainty around what is happening with CF
b) we have a conclusion and result
c) we wont be forking out the substantial rent, upkeep, and licensing obligations anymore

- CF could be sold for a substantial sum. There is a potential for a sale price in excess of 3Mill

- The sale process may involve another farm out agreement on better terms, but my preference is a straight asset sale (realise some cash)

- The sale actually improves the risk profile. Whatever happens we have a cash burn saving. If we get something for it its only upside i.e we have certainty on where funding for SJ or other activities is going to come from.