oil slumps to $44.20, page-14

Im really curious as to how ERM feel about all this. Im sure they didnt want exposure to US shale oil when they bought in.

In terms of the economics, then given MEL probably think all costs to date are sunk, then they can come in now into this project and provided cash costs of extraction are less than the oil price then they will make money. But we have no idea how they are coming to this conclusion and what their oil price assumption is and how much more capital is required to get to production or when in fact first production actually is.

Rather than shareholder approval per se I want more the comfort of legal procedures in seeking that approval that requires management to spell out exactly how they are cutting the numbers. Disclose the modelling.