I think you will find the delay now is due to weather.They...

I think you will find the delay now is due to weather.They simply did not finish in time before it became a slush.Appears fine in winter and summer but spring is akin to the Somme mud.

The AGM is important bow because the message is not getting through. The fundamentals are so much better now than two years ago despite the spend.Psa took a punt on Marathon when NG was $1.85 and theyll reap the benefits for many many years. The market is always dissappointed by delays but this has been way overdone and Terry Fern will need to stem this tide next week at the AGM.

One aspect I hope he discusses is the financial firepower their JV partners are bringing to the project and similar projects in the vicinity. Psa is not doing this alone.

The other point missed also is that the falling $ is vg news for PSA.It raises its cash levels in AU terms and for its net revenue.Incremental good news does not satisfy the market for the moment.

Try to keep the faith.