Ann: Lockyer Deep-1 Flows at 117 mmscfd with Condensate, page-93

Moff, If a T/O bid is received, the Board of NWE will seek independent pricing advice from one of the accounting majors or similar. . Bear in mind this professional advice is only based on what has been proven to date. It is rare that the upside is paid for if the actual data is not yet there to support deductive speculation. So a T/O is not an ideal way of attaining full value for NWE shares at this early stage of assessing the discovery.

Once NWE has that advice they will either decline , accept or negotiate the offer based on what the board thinks best for the company and shareholders.