COB chart, page-205

In normal times this is a measurable which is very significant, naturally the market may not see it that way given project delays, however this is why I love markets, at times I think they miss-price, IMO this is one but always acknowledge few things are 100% certain, that is what risk is all about.

I have said though-out this process that I have taken a pragmatic view on what I read in the published information, which is a formal Independent Expert Determination on the voracity of a signed and agreed TJV Agreement and the adherence to that agreement in coming to a fair and proper decision on the way forward.

I have continued to buy on the basis of what I think is a reasonable stance given the available information as a COB holder. I also believe they have taken the correct path to monetising the resource with the best possible methods, even though easier and shorter term options could have been progressed, however I doubt anyone would want to go contrary to the Independent Review conducted by Wood PLC IMHO.

The LOM has as I expected increased, the resource has grown and will continue to grow over time and in some big steps in my view, a very big step which of course the market cannot do much with right now was the announced water supply agreement in early March, this was the total water requirement for the entire project signed sealed and delivered, a vital component.

Cheers
Phil.