Ann: Lockyer Deep Operational Update, page-156

Yes Al I understood you were saying they could, not would extend. I also agree they have done well to obtain another 50% so cheaply. The embarrassment is in relation to the culminated stalemate we have. It would be embarrassing for CE if he extended and got no further uptake which seems likely.
The main point about the delay before he can make a new offer is that this would give NWE some clear air. If CE closes this offer it would be nice to think that for 6 months he can do very little except buy 3% on market.
If I were a lawyer I would argue that subject to the drilling NWE May be in a materially different position, thus a renewed offer could be considered valid due to altered circumstances. So I wonder if your 6 months presumption is accurate and is so, how water tight the legislative measures are.
If CE were to come up with a 15c cash offer in a short time period, say 6 weeks I would almost certainly take it, so this is not a hypothetical, rather it’s a crux issue IMO. Cheers.