fundamental valuation of sundance, page-15

Kevin, you're absolutely right, there is an upside acquisition potential. The only thing in the back of mind is that RIO and BHP both tendered for the tenant. The Cameroon government selected SDL because it would give 100% of management time to the project. Also the government has said numerous times that this is a project of national importance. Its not definitive but that suggests to me that any suitors may have a relatively high regulatory hurdle to jump. Doesn't mean it won't happen though. Daz