Ann: Chairmans Letter/Notice of Annual General Meeting/Proxy Form, page-26

Can't see SH prepared to pour enough $ into this company of an amount that would be required as BUL's contribution would be so minimal and totally dependent on other parties. In any event the whole discussion is purely academic as APA have stated they would build, own and operate the pipeline, this being their core business to toll access. The fact that JEF did not mention the pipeline in his letter to SH by may be because perhaps of any commercial discussion possibly under way. As far as I can recall mention of the pipeline has always been referred to in any comms put out since it was first mooted between APA/BUL, so why not this time on this critical factor.