Ann: 2012 Annual General Meeting 23 November 2012, page-9

re: Ann: 2012 Annual General Meeting 23 Novem... Whacky - you are correct to raise it, as it the only risk with BPT imo, They are spending 100s of millions to develop the unconventional, so they will wt sime point need to have a GSA that covers all the expenditure and generates positive revenue. We also need a strong GSA for the medium term so we have clear cashflow over 7-10 yrs , that way risks of cheap US shale via LNG become irrelevant
I think the first step is for BPT to sign a GSA for the conventional gas - this will Highlight current demand and pricing - if over 6 dollars it will be seen as a big plus, the more over 6, the more the confidence of the need for unconventional gas and the price that will be received . An oil linked arrangement will also be a big plus.
The interesting part for me on reflection was there was no mention of farm out / JV considerariions for the unconventional