Erinne - question on your AGM observations, page-5

Hardmano et al,

My opinion from the AGM is that FAR will instigate arbitration processing as a means to bring COP to the negotiating table.

I would love for FAR to exercise its PE rights for the full 35%, but as I noted, Cath mentioned twice that they are willing to consider a negotiated position. (If FAR has no intentions to negotiate a financial deal - why would she say that?). To me, it was like planting the seed.

Furthermore, she went on to say that if FAR is successful, it would be a messy result. In her words "like unscrambling an egg". My interruption to this was that if FAR is successful against COP and get their 35%, where does that leave the JV with WPL out of the picture. Yeha I agree that we need to look after our own interests - but that doesn't limit us to PE. We need to keep our eye on the end game here - and that is getting SNE into production ASAP. Bringing in a new operator will cause delays to program.

Anyway, above is my opinion drawing some parallels from statements made in the AGM