Dan I can see what you are suggesting , however I think the PNG...

Dan

I can see what you are suggesting , however I think the PNG gas story does have significant legs. I also subscribe to the argument that some of the value for shareholders will come from a rerating. if you look at the presentation is shows how low an EV Roc is trading at so part of the benefit will be realigning that to the market

There is also a chance of continuing to monetise the gas assets and reduce risk and increase cash
the value of the gas assets taking into account of what OSAKA paid for its share is 306 million USD

so one could argue that the rest ( beibu and Maari reserves are acquired for 130m plus debt of 80 - sp about 200m