OK, I'd forgotten about that announcement, just gone back and Rob was still CEO at that point. JW was still a NED at that point (though he was chairman) but the strategy at that point was still Rob's. JW was very clear on his strategy in the most recent webinar and it wasn't involving exploration.
Whilst I would prefer them to spend money on Pharos, I suspect they will be looking to offload it. Whilst they mentioned Pharos in this statement of the annual report, its clear they are focusing capex where they feel the return is quicker. JW made that clear in the webinar. Beebyn will suck up their capital in the short term, and I suspect they will be looking at further acquisitions like Beebyn.
Ann: Quarterly Activities Report, page-31
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