fully diluted mkt cap seems high imho, page-27

ahh the ol' hot copper default - accusations of 'downramping' (sic) when the poster demonstrates a fundamental lack of capacity to provide any quantifiable information that effectively refutes reasoned argument. i strongly suggest that you familiarise yourself with some fundamentals of oil and gas technicals and economics.

what the recent posts highlight is a distinct lack of understanding of oil and gas. you can have as many TCF and bbls as you like but it is irrelevant if you neither get it out of the ground at a commercial rate and/or get it to market.

as for the reference to Browse...? are you kidding? this is a conventional reservoir. deliverability of condensate rich gas from well developed reservoir is both proven and long term. hence the capacity for the JV and their financiers to 'bank' the development. The reservoir will flow at sustained rates for many years.

you are comparing this to an unconventional play around Valhalla that has neither shown any real support that the reservoir will flow at the very least, lest flow at rates that (after allowing for high rates of decline) can return the capital invested not only to get it to surface but to then gather, process and deliver for sale into a market. I am yet to see any proof of commercial flow rates nor any intent by the Company to attempt this.

Beyond which, laying several 1000km of steel pipe to access the Perth domestic market is not a cheap nor timely exercise. And please, do not suggest that James Price Point is the answer as I will bet that this will never occur as the JV will want to back fill NWSJV. and even if it was an option, there is so much gas that there would be no ullage capacity for decades at which point the multi-billion capex hurdle (alluded to above) would still be insummountable.

As for Ungani - it looks interesting but offers low margin (on account of associated opex due to trucking costs), low rate production from what the testing has shown to date. whilst there maybe other structures as mapped on the seismic you appear to be blindly accepting that these will all be discoveries. this flies in the face of exploration geology. though the structure maybe there, there is no guarantee of either charge, reservoir quality (fractured dolomites can be prolific but often low poroperm reservoirs), effective trap or effective seal. I would be foolish to expect otherwise.

Thus I sincerely hope that you are right that Eric can pull a rabbit out of the hat and get this puppy sold.

Good luck and remain safe in your ignorance.