Trading Week, page-1047

Wonkers I think the focus will be on resource only at this stage showing the overall "potentail" by using average gas content values * in-situ coal; its likely that due to physical size the number will be large.

I have seen reporting on TT/MMC that describes the geology as complex - note this is by a very respected Aus coal Geo person not me but it is worth bearing in mind the focus of most/all reproting to date on TT has been related to coal quality. Coal properties can be highly variable between seams and within plys in the individual coal seams. One of the biggests challenges MMC found when they built their coal model was correlating the coals seams over the planned mine.

Whether the MMC/TT expereeince is representatitve of the larger basin in general remains to be seen but one of the first tasks for EXR will be to understand how identify and reference the individual coal horizons recorded in the drillers logs and to extrapolate, including the gas content measurements & field observations over the area of interest.

Encouraging to see NY vision for funding and exploration into 2021so unlikley CR in the near term but subject to opies conversion which appears to be going well.