The following is part of the Target Rejection to the offer,...

The following is part of the Target Rejection to the offer, which I find is our biggest strength going forward as a minority shareholder, in our own Boards words:-

Further, your Directors believe that MinRes may be able to derive unique value from
consolidating ownership of the EP 368 and EP 426 permits given that:

• Consolidation of these projects by MinRes would ensure that it can make decisions
in regards to the development of the Lockyer project in its absolute discretion and
for its sole benefit. Currently, the joint operating agreements applicable to the EP
368 and EP 426 joint ventures provide Norwest with a high degree of protection and
control as a result of:

- the "65% and minimum two parties" voting threshold required for the majority of
decisions under the applicable joint operating agreements; and

- the fact that to progress towards production, the joint venture parties must
unanimously agree the establishment of a production venture and may also need
to agree each party's share of net equity gas via a unitisation process (noting
that the Lockyer discovery may extend across two permits with different equity
interest percentages).

• MinRes is an end-user of gas in its other business units such that the Directors
believe that MinRes stands to benefit considerably if it is able to consolidate
ownership of Norwest’s assets and secure full control of project development and
gas marketing against a backdrop of increasing Western Australian domestic gas
prices, the possibility for gas export as LNG, and the creation of new downstream
industries.

What does that 65% two party threshold actually mean - I can't tease it out and am attempting to get a copy of the 2 x JOA's but to no avail - I believe they are private and confidential documents however am still trying to find out.

Whatever the 65% and two party threshold means...its good news for NWE!