aoe timeline, page-9

Huge win for Shell if they bring it off. Presumably get control of the resource, get to operate the infrastructure, and a ready made market. Hold maybe 50% equity in the whole tidy venture, vs only 30% of the resource now, and 100% of some of the infrastructure. Importantly get the market, and get to expedite the whole thing.

For Petrochina a huge win, as instead of paying someone else maybe 90% of oil parity for ever they get maybe 50% at cost, plus half the peanuts for AOE, and take some of Shells share on an oil parity basis (on selling perhaps).

Now I must wonder who that leaves as the losers? Voelte, yes, but the REAL losers? They are of course the short term winners, who forfeit incredible long term rewards for a quick buck.

Time for the DON"T SELL campaign. I want one of my better long term investments to actually last for the long haul.

Oh, and the other winner, the ATO, with a few crumbs for tax departments in other jurisdictions also.

EL