aoe to reject offer, page-16

Stefanis,

I think they might both be more comfortable with an "Australian" company flying the flag in the Surat and Bowen, even if between them they hold say even 80%.

Imho it will be pricey to dislodge the last few holders to get to 90%, and might not be easy to get management blessing and a 75% vote either, therefore something less than a full takeover is what I am hoping for. If we are able to continue holding it would be good to get a jump start with Petrochina as the major customer.

EL