Ann: Farm-in executed into the Cooper & Eromanga Basins, page-23

The structure of the Farm-In does allow LCK to pull out after year 1 without having to stump up for the following years. If you had the conversation I told you to have yesterday you would have been able to work this out for yourself. The Board clearly thinks the deal adds value, and who knows what they will find.

Do I like the deal? Absolutely not, it's terrible timing and judgement. When it's been almost 10 months since the last big milestone announcement (2P upgrade), shareholders are clearly wanting an update on the flagship project. Any side projects or pieces of fluff will always be viewed dimly.

Does it mean I care about the overall picture? No, I'm still comfortable with the amount of time the deals have taken. In my opinion timing is in the court of UBS. The Incitec Pivot transaction, whether LCK are involved or not, probably needs to come to a conclusion before the company's partners and funders come on board.

Do I think LCK will be involved? I accepted your 66/1 Legman, I didn't hear any confirmation??? .