Ann: Results of Institutional Offer, page-45

the sale of Orbost to APA to reduce risk on the sole development has proven to be a smart move and saved the company millions over this development period, albeit that we will be basically paying for it now when buying the plant back. Lot less risk now that sole is producing near nameplate (still with solids removal to cut in). APA paid 20 mill for the plant and invested 250 + in cap ex to develop plant. So base sale price is APA getting their cash back. Now we have some decent cash flows ( production up, prices up, costs down) and should have a new 400 mill debt facility for the next stage of growth.