Hello to allI really do think we need to read the announcement...

Hello to all

I really do think we need to read the announcement and consider the words used by Andrew and Ian.


This above is the headline in our announcement.

• The consortium will fund the DFS 100%, I think that is very clear.
• The Consortium will assist optimising debt financing for the project when we get there, post DFS, to me this is very clear.
• The Consortium will earn an ULTIMATE 50% INTEREST in the project. To me this is very clear.
• Ardea will retain the other 50% interest, To me this is very clear. Ardea will retain 50% of the project.

There are more facts in the body of this announcement

• The consortium provides 100% of the funding, this is clear.
  
• The Consortium and Ardea will provide technical and commercial input into the DFS, This is very clear.
• At the conclusion of the DFS the Consortium will own 35% of the project, This is very clear.
• The consortium will retain the right to increase ownership up to 50%upon FID. To me this is very clear.
• This agreement requires that the consortium facilitates the project funding and provides Ardea with the ability to finance its share of the project. this part of the deal facilitated by the consortium allows the consortium to EARN a further 15%. Total 35% + 15% = 50%

Therefore the consortium will earn 50% of the project when the project is funded and goes ahead.
Therefore Ardea will retain 50% of the project when it is funded and goes ahead.

I hope this clarifies the announcement today.
RED