Yep, nutshell. The so called cornerstone is more likely to be...

Yep, nutshell. The so called cornerstone is more likely to be small-mid-tier producer, or a small hedge fund, or even a high net worth individual.

I can't even see HK showing any interest really given zero-scale benefit to them. Possible but highly unlikely. In any event, why take a non-controlling stake in a minnow, when a buy out would cost nickles and dimes.

Max ASX-compliant spend by this cornerstone at circa $20mill MC is $5 mill.

One interesting proposition would be a breach of the JV provisions by HK, in the event it no longer fits current distressed capex plans or their HBP priorities. That would swing the WI/NRI pendulum back to AKK, who then have to deal with the HBP implications, and still wouldn't operate the half doz or so producing wells. Cant see that happening either.

Re downsizing management - ABSO-FECK'nN LUTELY!

This entire operation is now capable of being run by three directors and company sec, with turn-key operational arangements handling the onsite management. The entire 2nd tier regional management team is completely redundant.