Ann: Quarterly Report and Appendix 5B , page-14

Hi George. That all sounds about right but I would have thought the farm-in partner would be in for more like 70%, but possibly of a bigger plant. Whilst that wouldn't leave too much profit for VML it may be the only way they could get the project off the drawing board. Companies usually rely on a mix of debt and equity, but until the SP can get much higher (courtesy of Doulnia perhaps?) there is no way they can get much money either way. Still, as long as Watershed moves ahead in some form the SP should rise significantly, which is what we all want.