STO, page-52

you have good points there. Farm out to share risks and costs is normal for the oil industry. That's why almost there is none to few developed oil project is 100% own by a single company in Australia and else where. With the oil price going through cycles many times in the last 5, 10, 20 years, we know it happens again in the future. I believe the excess personnels from the merger can be relocated to Narrabi that is all green lights to go. In fact I see big value in that project that STO may reverse some write down it made several years ago. So farm out is not necessarily to reduce size but needed to protect us shareholders. I think selling some infrastructure and pay tariff is another good move. It is effectively like getting the money now upfront and pay back with the gas in the future.