Ann: Change in substantial holding, page-9

I should add, something to note which adds a little downside protection depending how you view it; the pre-existing infrastructure held by the JV is useful to a larger acquirer, such as an STO, in the hypothetical case whereby they could make use of the pipelines in collaboration with their own. They could be used for other purposes by an acquirer. I.e. the pipelines held by MEL and VEN have more uses than solely the facilitation of gas production. This adds a little comfort when envisaging the worst case scenario. This cannot be dismissed when assessing the risk/reward proposition from appraisal drilling at Odin-2 and Odin-3 in my opinion.

This would be better explained by an OnG expert but at least you can read it from a layman (me) in layman's terms.. lol