letter of intent - sc63, page-47

Interesting observation Niu,

The overseas investor road show would have been looking at lining up further equity/debt investors to fund any potential development at WLA+B. If the FID were to be made the first half of next year then it would be prudent to progress discussions with potential investors debt/equity to line up the funding before the FID.

Whether another CR is needed with retail investors will be known shortly based on the outcome of getting the finance and potentially the outcome of the Indo wells.

I would assume revenues of 6M for cargo 33 this quarter with another delayed 6M after the quarter for cargo 34 which should be lifted in late December. I would assume post Galoc phase 2 there will be 3-4 cargo lifts a quarter (18M-24M revenue) during the production plateau when after we would probably see Galoc north drilled.

There is plenty happening in the near term that will set out the future 12-24 months that see a transformation of the company to a multi field producer.

Only time will tell and the market prices accordingly.