Ann: Appendix 4C - quarterly Q4 and Commentary, page-31

Hi

I’m travelling atm, so no time to type too much.

I wanted to point out a few things in response to your post.

1. Forecast revenue includes a buffer for deferral of more San Quintin revenue (large part of original $95m) to be recognised in 2018. This is timing only, so more will be recognised in 2019.

2. Not all US$95m will be recognised as revenue in 2018, and there will likely be a large backlog to carry forward to 2019. If they match $95m, that means they forecast to win well over $100m in revenue in 2018. However only a fraction will be recognised in time for 2018.

3. Cash burn for the next quarter is gross in the 4C, it is offset by the large PDVDS $43m inflow. So you are not correct in offsetting the $25m outflow against the $33m. They have plenty of cash, there is little risk of a cap raising in 2018 or 2019.