thoughts on financial strategy, page-44

As HT1 has indicated, OZL will have greater leverage in a takeover play if its share price is higher. I support sitting on the cash until PH drill results come through. They'll then be in a position to use a combination of cash and swaps.

I think there is still a lot of value to be added to SFR (although I agree that there's a good chance we'll see a drop in share price as some of the initial enthusiasm dissipates). I reckon OZL is better placed to add that value than SFR is (and I'm sure that SFR's Korean shareholders recognise this - the Korean's are after offtake and would recognize OZL as a competent operator and partner).