Ann: MEO Directors respond to Mosman Proposal, page-17

For MEO to survive, it will finalise the NEN merger.

For ENI, given the new POO environment, FLNG is DEAD, pipeline to Darwin is dead and all alternatives other than TS are dead.

NT/P68, ES, Barossa-Caldita are all stranded gas resources that will remain stranded forever, unless they are somehow aggregated or value-added, as envisaged by TS.

TS has always been an option, but with the collapse of the POO, the only option for Eni to recover ANY value and create NEW value, is to participate in TS.

TS is the only alternative to unlock billions in savings/value and Eni are going to have to cough-up. It just so happens, they have to go in sequence, take out Shell from ES.