There's no limit to what the backroom boys will do to get their grubby hands on the long-term investors holdings.

>They hope to be left with c 35% after new farm in.

Now, that's never happened. That's for sure. No company would ever say that in the midst of a very serious negotiations.

>Stated we would be at the undeveloped stage valuation in 2/3 years!

That hasn't been said either. Because we are already there.

Undeveloped stage

Logs, Seismics 3,490 km, Oil and gas shows Shenandoah well testigs.

Appraisal stage.

That's what Hess was supposed to achieve with the 5 well drilling and testing program.

Now, we're in negotiation with new partners to move us into the Appraisal stage. The duration of the Appraisal stage will last 2-3 years, untill then we'll remain in the Undeveloped stage.