Egina, page-32

Just consider that Sumitomo are spending US$40M to get a 30% interest in a "project", in half of which, PIO own a 30% interest. The real crunch is that if Novo get interesting results, after spending Sumitomo's $40M on exploration, approximately half on PIO part-owned ground, they have to contribute contribute 30% of further exploration and assessment costs till a "decision to mine". PIO contributes nothing further. That looks like a spectacular deal to me, particularly considering that PIO has its current funds completely committed on other projects for the forseeable future on very attractive projects. It is a bit early to do any calculations on guesses but the petential is spectacular. Does anyone know what effect the announcement had on Novo price?