day 2, page-6

However we don't know the reason why CUE is not signing the side agreement. AustinNZ posted an idea yesterday (Post #: 5166367) and it seemed quite right to me. So it could be our MEO's fault by pusing the other sidee too much. If so, MEO should get back to PF and say no. Enough is enough.

ANZ said;

"IMO MEO lost focus after the indicative offers were received and instead of closing out the farmin it was distracted by the PF who said we want more. At that point IMO MEO should have said look we advertised a farm-out and thats what we are here to sell. We are happy to discuss the bells and whistles later but can't promise anything. Here is a dareft farmin agreement, u've got 10 days to review it. If u r not happy to close out the deal we have other buyers. This should have been done prior to announcing it had picked its PF.

Once MEO were distracted and it became common knowledge to the market that the other bidders had missed out, the PF got the upper hand. They were then in a position to ask for all sorts of extras and drag this out as MEO became captive to the PF's timetable and requests. The Board Approval debacle could have been easily accommodated in an agreement making it unconditional once approval came thru.

If any JV party is not prepared to sign a side agreement for processing or marketing their share of the gas with the PF it should come as no surprise as it is their right to do so. MEO should not be expected to deliver on such an issue and should never have agreed to the farm-in being conditional to it."