Ann: Gurvantes XXXV Update - Maiden Drilling Campaign Commences, page-50

Great thoughts. Could well be on the money.

Reason I have a slightly different thought is:

1. Farm out was to manage risk. With a result above expectations, it becomes a different play and the 45 percent is now very valuable.

2. A takeover could be quite viable for STX depending on our price towards the latter part of the year.

3. The change of control clause in the performance options for the new CEO is worth noting.

4. STX tried to get WGO, so they have the appetite for a deal.

5. Consolidation in the PB will happen if it keeps getting drilling success. Might involve us, might not, but it will happen.

Agree totally re Mongolia likely not interesting them. We have a lot to emerge.

Will be good to see if all play out in the next 6-12 months.