Ann: Change of Director's Interest Notice - Damon Neaves, page-9

i think even traditional development will be a profitable method. The $200m in tax credit effectively pays for most of the development capex - those credits are basically a fungible tax free asset which converts to cash in production, paying back the capital costs in year one or so. That is an unheard of size derisking in these types of small projects. I’d want to see an FPSO and developer come onboard as partners, reducing our upfront costs. I don’t want to see capital raises, sell equity positions in the project instead. If they had managed to keep a strong share price then CRs would be fine, but they haven’t.