MrMcgee, the thing is that Argentina may just nationalise the...

MrMcgee, the thing is that Argentina may just nationalise the operations at any time, REPSOL experienced the fickle nature of politics in Argentina. Any theoretical tax deal has to be balanced with the sovereign risk of the Argentine government changing its mind at any time to suit itself. So while the offered tax deal is nice on the face of it, the future in Argentina is not necessarily stable.

I think PB said the next phase of Arckaringa development to do a mix of exploration and production wells would take about $300M and 18 months but the question is what the farm-in deal or JV will look like and what it might be worth to Linc. What is the Arckaringa asset worth after Linc exploration, seismics and subsequent analysis, confirmed by independant analysis confirming it has huge liquid hydrocarbon potential. Hopefully we will find out in the next few months.