Ann: Quarterly Webinar Presentation, page-4

Looking in there for clues as to the preferred farm-in partner. Some info from about the 28 minute mark:

- Needs to add value technically (suggests an O&G company rather than a customer or investor like Mac)
- Needs to be able to fund ~$50M drilling program (suggests a company significantly bigger than CTP)
- "Alignment is key" (not so subtle dig at Santos there - suggests it may not be a major of Santos's size as big companies tend to act like Santos)

So it sounds like a mid-size O&G company. There aren't many companies in Australia that fit that profile any more, probably just BPT, SXY, maybe COE. Could possibly stretch it to include OSH and ORG, but these plays are probably too small for them.

Or potentially an overseas O&G company. The other possibility is extending "add value technically" to potentially include downstream value, in which case AGIG, Jemena or APA might come into the picture.

If the TAB had a market, I'd put a sneaky 20 on SXY, especially as they've just sold their Cooper Basin oil business for a tidy sum.

Any other suggestions?