Ann: AQO Granted Work Program Variation , page-6

I was speculating, if I knew the terms of a potential farmin in advance, how much would I be willing to pay for AQO on the market?

Assuming I was very risk adverse (which I'm not), I would be be willing to pay cash plus the committed expenditure by the farminee. By that (grossly) simple logic, I think we maybe looking at an investment of around $20-25 million. With AQO cash holdings added, that's near current market cap.

I know it sounds a lot for a micro, and its purely speculation, but just wanted to put it out there as a possibility.

I would be putting my money on SXY, before they start releasing the results other drills in the Nappamerri basin, such as Paning-2. SXY had the cash to pursue ACN, so could raise the cash for, say, a 50% stake in PEL 570.

Once again, speculation.