Ann: Open Briefing - MD Mike Hughes on GLNG Gas S, page-12

re: Ann: Open Briefing - MD Mike Hughes on GL... Sle,

Who would magically appear to takeover Westside now?

A GSA has been signed.

The Chinese were never serious and never actually produced a real takeover offer let alone the fact they need non-contracted gas, so strike them out.

That only leaves SANTOS?

Why would SANTOS be in a hurry? They get our gas without any development risk. SANTOS may come knocking at a much later time but with no other bidders, they are free to pick us up on the cheap on their terms.

Private equity? Unlikely in this risk-adverse market.

IMO takeover speculation associated with Westside has left the room and this comes back to explaining why our share price has more short term downward pressure than up.

Westside has been transformed alright. From an exciting takeover target in a gas-shortage market to a predictable Gas Producer who still requires $40 Million Dollars and a whole host of development risk milestones to be achieved over the next 2 years..

Let me just say, I DO BELIEVE Westside will achieve the milestones and be a success. A leap of faith? No, I think they have done a great job at ticking the boxes needed to de-risk development.

Even if they do a placement for some of the $40 Million dollars and cause us all more dilution pain, there is still plenty of income to support us.

BUT it is all "in the future" and the market wants MONEY NOW!