Ann: EGM Presentation - 31 August 2012 , page-17

The sale. Txn is now "dancing" (not my words) with 1 party. Cheseapeake are out of the sale process because of their own problems. Delays with the sale process have occurred recently for two reasons - a problem with their leases Known as "pooling" and "operational" issues - sorry meaning of that later issue was not cleared up.
A sale "may" occur this year. The creation of the debt facility, further drilling and JV on part of the EFS appears to be the companies response that the sale may not occur at this time and that they are not a forced seller. There were comments that the potential purchasers viewed the results from the surrounding "swift" wells against TXN because their (swift) results were lower. There were comments that purchasers said that TXN reserves were not sufficiently proved - as opposed to probable/possible - thus the need to drill more wells.
It was made clear by TXN that they did not want to give too much away as to whether a sale was close for fear of wrecking the sale. So clearly in the dark about how close we are.