enamco, page-18

west2

Don't want to disappoint you but the negotiations have not completed yet. STB have just appointed Azure to deal with ENAMCO on working out what fair value is for a 30% stake in a resource with an IGV of > 150 BILLION and very very low Capex and Opex.

And imo the fact that the govt wanted in on this project was a no brainer from the get go.

And I think they have been and are very busy developing the project AND working on the contractual negotiations at the same time.

Good time to get off the fence though as any takeovers would be more likely to happen at or after the DFS stage due to de risking. And an offer would be well north of the $6 we were at imo.

Good luck