Whilst the Ann is def positive and indicates some traction and...

Whilst the Ann is def positive and indicates some traction and direction, an objective view.

The Ann again, is as has been in the past imo, been left a little loose and lacking in real detail with the potential interpretation of some ambiguity by some, obviously not all, in the mkt.

What does the pilot actually agree to? "A range of admininistration services per an agreed scope". Do these inc Boom, Lily, Klip, offshore processing, all, some, or just one or two?

There are important differences in what services have been agreed to be included in the pilot imo and I for one could not definitively say which they are.

Can anyone else or is the mkt to assume?

If it was clearly outlined that the uptake were A, B and C, then the mkt would be well informed and able to assess the real potential of the agreements and pilots.

The other thing that stood out was the legal docs.

Obviously to even get in front of the CBA, essentially by default in some ways as I see it through subsidiaries, is a substantial achievement but it must be understood what the legal terms of the "agreements" are in my view.

Obviously the finer details of each agreement would never be released (understandably) but what does the law say regarding the "type" of documents.

The agreement to the CBA Fin side is a "Letter of Intent" whilst the other two are "Deeds". I think it worthwhile to review the legal meanings of these documents to put into perspective & temper the Ann.

Maybe the mkt did that, maybe it didn't.

Maybe DT'ers playing pips today, maybe stale holders taking an opportunity, maybe some stickier hands latching on....time will tell.

Hopefully the most positive of the aforementioned scenarios play out for holders but always pays to have a dose of scepticism and unemotional thought process this end of the mkt.

Best luck all.