Ann: Lockyer Deep Operational Update, page-89

There has been talk about Gas supply contracts, or lack on them, by NWE board and I wonder is it possible Minres had already started putting feelers out. I've been concerned about Minres purchasing 50% of proposed plant in China from Albemarle and off loading $1bln for the opportunity due to its affect on NWE and the takeover offer.

My only exposure to China was with a Significant discovery of gas (Sino Gas) close to pipelines etc and when we sured it all up - bang - taken from under our nose - at a share price that we'd reached 5 years before! Totally came off 2nd best! Reference - disallowed/business/companies/why-the-sino-gas-deal-has-left-the-market-dazed-and-confused-20180605-p4zjkx.html

Reading Woodside's exposure to China - they are fully aware of the risk and keep a close monitor on all aspects including employees.

Where am I going with all this - China’s gas consumption is expected to exceed 650 billion cubic meters by 2040, with LNG
imports expected to increase to 150 million tonnes per annum. China is going to need gas and plenty of it.

Has Minres started initial negotiations in the gas market - it will keep the trading relationships at an even keel for Minres especially if he have a more valuable and essential resource to prove up security in trading relationships. May NWE already have a share in a gas market to a huge and hungry country.

Just my thoughts only - absolutely not one ounce of truth - only supposition!