CVN presentation, page-20

We should all remember, this (NAIF) funding is Not a Freebie or a Grant.

Its a loan you have to pay back - it is often agreed to between the company and Gov't, that they need to refinance this loan with commercial banks, within 5 to 10 years, depending on what has been agreed upon.

These loans allow companies like us to benefit from lower interest charges and lower capital raise - for a limited period of time.

The government will be well aware of the value of hydrocarbon resources that is currently locked in the Bedout basin.  Just on the liquids (oil and condensate), its about AUD $20B, and on the gas its about AUD $7B.   Note, these are based on what we have discovered so far within our leases.

These kind of revenue will generate tens of thousands of jobs including thousands of indigenous jobs for 20 plus years.

And it will also generate royalties and tax revenue (including payroll tax, withholding tax, company tax and resource tax) for the both the State and Federal Governments.

Its really a win-win situation for both us and the Govt.