calling octanex directors, page-8

Rivermore, these FPSO developments can be quite rapid - Tui less than 2 years from FID to first oil production and Maui B about the same. Maybe it would be a much cleaner approach to just get on and develop any Matuku discovery on a stand alone basis, rather than trying to piggyback off an adjacent field. Matching across a differing JV mix and differing stage of field life could be a very big ask and the economics of stand alone for Matuku would have to be extremely strong if we have an F sand discovery and in the sort of reserve range as anticipated.

On further reflection I'm thinking that it might be quite difficult for OMV to make any cheap move on OXX if 51906 becomes a winner. This because in order to offer diminished value for OXX, OMV as the JV operator would have to slow down the development programme for the licence and the regulatory clock is ticking there so it would be no time for messing around - unless of course the offer process was short, quick and very tempting.

On a separate note none of the JV appears to have made any disclosure that the JV has been granted a 7 year extension on 51906. I would have thought that would be something to be well chuffed about and worthy of market notification.