completes purchase of eni's equity, page-10

Good points raised people.

Selling down equity in the Agip stake is a viable option but question is pricing.

At the moment, the market is pricing HDR's oil found at $A2.7 per barrel. So any selling of the stake has to be higher than this, or it would be less than the 'market price'.

If the Ching project is fuly debt funded, then this and next years exploration costs would be somthing like 60-70 million, thereabouts. This would not be difficult to achieve by way of equity raising.

So my view is that any equity sale has to be in the region of $5 per barrel, or equity raising but a small one. I think a little of both would be a good mix.