Ann: 2012 Annual General Meeting 23 November 2012, page-10

re: Ann: 2012 Annual General Meeting 23 Novem... Yes Wacky and Autosime. ICN has held the belief, and has implemented their policy, to sell their gas before they spend millions trying to find it. They have thought the same way that you have expressed.
They have been VERY strongly criticised and ridiculed by non holders and even their own SH for taking that stance.

Now we have seen hundreds of millions of dollars spent on exploration by numerous explorers and so far, much of it will stay in the ground and even risk not being able to be sold commercially because of rapidly increasing overseas opposition.
But, ICN was very confident about the viability of 855, even the Post Permian section of 218 and has a signed GSA with Shantou to supply 2.2TCF of gas over 20 years based upon the Singapore Tapis oil price. And they can source that gas from anywhere!!

If 855 proves to be as promising as Reg so emphatically states, with ICN holding that GSA, it will significantly speed up the classification criteria for commerciality of 855, which, clearly, also significantly benefits Beach putting it even further ahead of the other hopefuls.

This, together with infrastructure and expertise which are clearly already in place in the Cooper Basin, is just another one of the pieces of the puzzle that Santos is promulgating that there must be co-operation and co-ordination in these assets to maximize their commerciality and minimize very expensive duplication that currently exists and is now threatening this industry.
United we stand, divided, we risk very much!!

P.S. Did anyone attend the AGM and ask any questions, during, or over that cuppa that might not be on the public record?