billiton exiting may be a good thing, page-8

Let's see what the Q1 cash balance is and estimate what it might be in say 6 months - I suspect point 1 of your argument will be easily refuted.

Second point = Fail. Woodside drilled Pluto off its own bat, Chevron drilled Wheatstone. Both of these wells were high risk.

Third, if no farm-out and the acreage is 'returned to the moose' how much value will that accrue for OEL = zilch. What if OEL drill and find an elephant? They are then in a powerful posiiton to sell down and accrue more value than a pre-spud farm down ever will. Would you rather see Billiton wait for OEL to return it to the moose and then farm-in for 100% of the acreage for free? And they have the time to do this - they have the rig for three years. The SC55 concession can't have long until it expires can it? OEL announcing it will drill SC55 anyway could be the best means of forcing Billiton's hand.

You have added nothing to the debate in the event that Billiton do not exercise their farm-in option - and that is all it is at this point - an option. What do you suggest OEL do in the event that Billiton don't farm-in - spend the cash trying to find some new acreage, close the company down and return 4-5 cents per share to shareholders?

Game, set and match old chap!

OK?

OK