At the moment it very much is a compliance asset. Take the asset away as it stands right now and they have nothing to underpin their listing. I do think there is a bit more substance in this LOI than BB's Pivotree MOU given the rig does exist and it is coming to Australia looking to do business so if the terms are ok and Chieftain/BOD/key financiers think its worth a ping for low cost then who knows. Wouldnt put it past Chieftain to divi up a farm out amongst their stable as we've seen them do in the past.
There will be an acquisition coming though.
Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-9
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