Ann: Operations Update Permit ATP852P Cameron Wel, page-5

re: Ann: Operations Update Permit ATP852P Cam... your maths doesnt workout,

if you get more from PES and less from AOE-via shell takeover [ie dilution] then you will still be ahead.

unless you own a LOT of AOE and a small bundle of PES.

more reserves justifies a higher price, so its a win/win.

AOE could of never bought PES with no reserves - how could that be justified to shareholders?