Ann: AWE's Full Year Results Presentation-AWE.AX, page-30

I am interested in what AWE traders/investors think the impact of Origin's Perth basin divestment will have on AWE share price once the sale is completed and announced. AWE appears to have focused the majority of resources towards Waitsia/Perth Basin in the last 12 months, and so i think Origin's sale of their 50% share in Waitsia/Beharra Springs may provide a good mark for AWE's share price. I expect that any purchaser of Origin's Perth Basin assets is going to be more informed than the average investor considering they will have had access to the data room, models, etc.

So, if Origin sells their 50% share of Waitsia for $500m, does this imply a value to AWE of at least $500m (share price of roughly $1.00)? Or, if Origin sells for say $150m does this imply the current market cap of $300m is effectively valued at twice what an institutional investor is willing to pay and - share price should halve to $0.30? Or do you think the Origin sale will be a non-event as far as AWE share price is concerned?