Ann: Annual Reserves Statement, page-4

The way I think about the quality of the resouce base is, let's assume SXY achieves a more than tripling of production to 60PJ/yr in 2025 from here (19PJ/yr). The 2P resource base of 767PJ represents a resource life of about 13 years from that point, all driven from the existing production hubs of Roma North and Atlas (i.e. relatively low execution risk).

Now think about that in the context of a tight East Coast Gas market with LNG imports in the South supporting perenially high prices. (See article in the Australia today https://www.theaustralian.com.au/business/mining-energy/victoria-faces-gas-crunch-by-2030-as-supply-dries-up/news-story/686ee2438d008cd5e04ab71d2e7ffcbe.)

That's why SXY is one of my largest holdings. Once it gets over the crrent plateau with the next phase of facilities coming onstream, we should see the next phase of SP growth. A pause for 3-6 months is a great opportunity to get on board if you have been watching from the sidelines or are underweight. For this reason, I think that even the current broker consensus, which is 25% ahead of today's SP, significantly undervalues this business.