last nights calcs , page-14

Hi Niqo

Simply realised that BPT has not been rerated like DLs and SXY have vne though they are tjhe JV partner to both and have had a lot of success with STO infill driling as well

the shale piece will happen within 1-9 months. BPT are interested in JV with a big partner but that also has the right fit to them. They are going about it the right way in terms of building the asset and extracting a higher value. The shale piece is very signifcant and the asset is amonngst infrastructure partly owned - a deal will be transformational as it is very likely to include a cash component and a free carry. the size of the asset and guidance i have received suggests a cash componennt in the 100s of millions. it does present a great risk /reward inv as it is full of value and equally has lots of upside