Ann: Quarterly Activities Report, page-27

SB's valuations are based on historical prices paid for gas assets in recent past and are not his personal calculation. For sure the SP has suffered severely over the past year probably on the basis no deal has been done in an assumed period. The situation for BUL is simple. If the Bowen Basin asset is sought after or not. There is a common belief that gas is and will be short for some time and that is the scenario needed by BUL. IF there is a deal to be done (gas wanted) JEF will get it done. IF there is not a deal to be done (gas not wanted) can't do anything about that for the time being - Timing - what we don't know is how long is a reasonable time whereby gas assets in demand.