Whats the signal?, page-9

Hi hewitt,

EPC contracts being signed by the Cameroon Government and Chinese SOE's will be a nice little sign of progress, but IMO it's not a major de-risking event for SDL. The project could still go ahead at this point without SDL. The agreements are between the Cameroon Government and Chinese SOE's.

SDL signing partners at the mine level will be the major event for the company IMO, as it will indicate that the project has a chance of going ahead with SDL actually at the table. This milestone will also likely indicate what percentage of the project's pie SDL might be left with.

You'd also think that Chinese SOE's would only get involved with SDL at the mine partner level if the nod was given from higher above that the Sovereign Loans to the Cameroon Government to construct the infrastructure would be forthcoming.

Tick tock though, EPC contracts were supposedly all but signed, just sitting on a desk waiting. SDL has continually said 4th quarter 2015 for this event. Will we see anything now considering end of year holidays?

Cheers!