Ann: Company Update, page-44

Lots of questions answered then, but still a few opened in my mind
- assets under exclusivity were blackspur only at somewhere above 1.5x and below 3x so I’m going to guess around $100-150m
- board intends to distribute 80-90% of sale
- live discussions on montney
- have received various offers for various parts of business
- 7.5m number for June is post-capex, so it’s an upgrade from the 6.6m mentioned in March. What we should watch here is whether this caused by reduced capex
- licences for montney can be rolled a couple of years to 2031 (from 2029) at minimal cost
- div (via cap return) preferred of share buyback as it rewards holders directly vs traders. I can see the logic in this, although from an eps/accretion perspective this doesn’t quite stack up