100% break out, page-39

Yeah - a lot of analysts are tipping the consolidation and M&A story around Santos/Woodside and anything that may have to be spun out or sold off due to ACCC concerns, there is also the issue of the different East Coast and West Coast markets in Australia and if exports from WA are allowed then the peculiar position of WA having lower than world price gas and the East Coast having higher than world price might see prices converge. The other thing is the regulatory impediments and lack of new supply with NSW and VIC essentially still locked up. Another issue is whether the East Coast market gets tight enough to bring about the decision to construct import terminals, which will take time and have their own red and green tape to get through.