I don't believe we would hear nothing and the reason is quite...

I don't believe we would hear nothing and the reason is quite straightforward.

Within the AGM presentation dated 30/11, we had "Time frame for acquisition commencement- early January 2023?". Then in both anns dated 05/12 and 31/01, we had that the 3D seismic survey "is currently in the final planning stage".

Under their continuous disclosure obligations, information that a reasonable person would expect to have a material effect on the SP (e.g. survey was now not to have the plan finalised and commence) would need to be disclosed. If mgt were to remain silent and nothing proceed, they would be in breach.

An exception which allows for management not to disclose is where 'the information concerns an incomplete proposal or negotiation' (very different to a cessation).

In order to satisfy their obligations therefore, this would indicate to me exactly what mgt have communicated recently. That is, the survey and farm-in negotiations remain very much in play and if anything, are in the final stages.