hi andres, page-3

Hi Matt - I agree with your take on this 100%. IMO, given the size of Noble, they could very easily take up the $300 mill or so equity at mine level. My first thought when they came on board was that they were going to make a play for the deal - the offtake agreement confirmed that thought even more. IMO, the equity funding is somewhat derisked in terms of Noble's involvement.

Regarding EPC, if I was SDL, I would go with the Europeans and cut the Chinese out. They can "put up or shut up" as far as I am concerned. I think it would be much better for us given the latest Chinese rhetoric re supporting Africa. I guess the Africans might hold a similar view. If the infrastructure is debt funded then that would be a massive win. 100 million tons at $15 US freight revenue say is a $1.5 Billion annual business. Payback pretty quick on infrastructure.

The chart is signalling a move very soon. IMO it will be upwards.