Ann: Investor Presentation, page-76

Yeah, it is a dilemma for him. To truly maximise shareholder value for Gurvantes, the pilot program needs to be completed and the data analysed. The fact that the divestment will need to occur sooner than that is value destroying, not maximising. Spinco is a terrible idea right at this point, will cost a bomb, and TPD would need to borrow to implement it, just such a dumb concept at this stage. The share swap with TMK seems more likely to me although I reckon Brendan Stats is crazy entertaining it.

The Strategic Review has been going since SE1234 and his STX plants demanded it, and the outcome was always going to be decided after the pilot well program, it's in every announcement.