Ann: Dubbo Project Optimisation Delivers Strong Financials, page-32

I sold into the pre-open auction this morning. It's a great project, both the upstream and downstream, but I don't think the market is going to maintain a market cap of A$1.6b at this stage in the game now that the figure of $1.7 required capex for Dubbo is out. The market is now going to worry about where the money is going to come from, dilution and all the other risks of project development. I think there will be plenty of opportunity to re-enter this great company down the track. Long term investors should do well.