Has probably learn't his lesson with FAR and is why he is being conservative. He did say he has skin in the game which is good to know and also said he was encouraged from 2D to 3D so this obviously gives him the confidence it what he is seeing but can't release to SH's.
Also was good to note his comment about he doubts if WDS would not take up their option after investing $USD35M and or try to delay a farm in for their benefit.
At the end of the day WDS will get 56% of PEL 87 which is very cheap in my view and can't see them not following through.
Rooey
Ann: Management Q&A Session, page-93
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