Ann: West Erregulla Update, page-82

One of the most important messages by Stuart came after his presentation in the q+a session by the host of the event .

Stuart was asked if it wouldn't be a benefit to sell the gas in the light of the high prices directly into the market rather than to sell through urea production - in terms of margins?

Stuart answered, the price in WA ist largley affected by the LNG exporters' domestic market obligations, yielding a price of around $7/GJ in WA at the moment. However, gas that would be put throught project Haber at this point in time, would realize US$ 10-12 per GJ. ... "a superior economic return for our shareholders"...

US$ 10-12 equals A$14-17 currently, meaning that the project Haber would at least double the value of the gas at this point in time...

To bring this in an annual cross revenue picture: 80 TJ gas consumption per day valued at A$14-17/GJ results in A$1.1-1.4m revenue per day; times 355 business days would give us annual revenue of A$400m to 500m...

...and, if South Erregulla delivers high flow rates from the Wagina, they will likely expand the annual urea/ammonia production for project Haber...

The strategic master stroke in my view: project Haber will not only create its own market for our gas at SE, it will also create a massive premium for our gas...

...no other words than: LIKE!!!