Regarding NGF and its hedgebook, look at the numbers. Not a...

Regarding NGF and its hedgebook, look at the numbers. Not a problem. 60% of production unhedged. What is hedged may be one of the most favourable because it was negotiated in 2007 with higher prices involved. Also hedged in AUD rather than USD.

Some people think "hedgebook" and knee jerk. A lot of your little players now looking for financing are going to be stuck with hedgebooks unless they have certainty of low costs. Not many have that. Look how diluted CTO has become due to avoidance of debt and the hedgebook that would come with it, for example.