Ann: Ceasing to be a substantial holder from MS, page-20

Gazz, it will trade at a discount to the sum of their 1st 3 yrs of cashflow, ie 6.6c (ie 180/1.1+180/1.21+180/1.331, convert to AUD by 9968.4 SOI & no further dilution). I dont know if there's another CR on the horizon if the JDF isnt available. Assuming all is ok on the finance front etc, iMo it will see low 4's as we track the rig on MTrffc & drill the first well. Either Fan2 or SNE-Nth 2, which the mkt may factor in as a bit of a Risk (that needs 2b derisked) but worth a crack & then the developmnt wells will follow suit.

The Operator should have pencilled the order/ drill line-up of wells around VR1 & SNE-2 core area first-up which flw-tested at decent rates. So, the SP should meander into the low 5's. All this assumes no delays/ stand-off etc etc. That's why am not surprised at AG grabbing as much as they can at these prices & setting up for a sling-shot event once the Action starts by this time next year By then past uncertainities with PE/finance etc will disappear & the mkt sobers up to the task ahead.

What's done is done, time to look fwd. Filter out the PE noise etc & stay tuned to the buying/ subst holding going on.
cheers