Well said. regarding disclosure to the market, I would be under...

Well said.

regarding disclosure to the market, I would be under the impression that completion of the FS itself is price sensitive to Shell, and therefore would require disclosure to the market. I am suspicious that they are claiming to be "rounding out the edges" to buy time. Perhaps to release to market and also say "we are proceeding" as opposed to just releasing as under consideration.

I only say this because every exploration company I have followed needs to disclose these studies, so I'm unsure why it would be any different here.