Ann: Quarterly Report and Cashflow, page-49

It’s pretty obvious that as this has progressed, especially now a discovery has been made, that the gov would need a bigger share than the current agreement which would see Ivz with the best O and G terms on the planet.
Having said that SM has completely underestimated the effect of not having a Ppsa done and dusted prior to discovery.
I do however believe that it will open the floodgates and I do believe that we will likely JV with someone.
I also think that the JV would likely see us lose control as I can’t see anyone big enough to get the amount of drilling done we require across all the leases being interested in less than 50%. Any deal must include geo associates giving up their share of any JV deal which whilst they aren’t paying might be a hard sell.