New bidder enters AWE race, page-55

Jake

Waitsia is a good asset, but it was not considered the largest prize in the Lattice portfolio. Recent volume upgrades would have lifted the value, but the offshore Otway project would still be the most valuable piece of the Lattice portfolio.

The Lattice acquisition has not yet closed, which is why BPT has been relatively silent on the bid side of things. I don't see them taking part in this as it would concentrate risk too much in their portfolio. Owning 100% in an oil and gas asset is unusual and it is largely on the basis of risk mitigation. It is always useful to have another point of view in a JV meeting. Sort of internal due diligence if you like. Introducing Seven as a player here would also be detrimental if I was a BPT investor (I'm not BTW). Too much of a conflict.

There is a long way to go in this process. Patience is the key.

Cheers, AL