Ann: Bell Potter Unearthed Presentation, page-59

Yeah, I gathered some of you may not have access to BP. So I tried to do a screen record. However, as the NBN is still down in my area (after 2 days of outage), and Optus 4G is still fairly intermittent, the presentation at my end was quite crappy quality. So I gave up after a min or so. Hopefully BP will share it as I'd much prefer if all of you can hear it from the horse's mouth directly in case I missed or misinterpreted some things.

It was quite a challenge to follow and capture, esp the Q&A, as they were jumping all over the place. Nevertheless, I think I managed to capture the main gist of the discussion

With market expectation for SE being so low now, the only way is up as far as I am concerned SE2 will go some way to lift market sentiment/expectation, but a remediation plan around SE3 to get it to flow will potentially see a major reversal by the market given it has pretty much written down the total expected SE reserves to between 170-185PJ. If the reserve certification for SE2/SE3 comes in above 100PJ for a total SE reserve above 228PJ, then we will likely see a decent rerating.

Maybe I am just not reading this map correctly, but the SE3 compartment is the smallest of the 3 compartments, with the bulk of the SE2 compartment being updip of SE1 Kingia intersection. It is also worth noting that as per observed by GS in their notes...

SE1 had 14m net pay with 27% Net to Gross Ratio (NTG) at 13.3% av porosity
SE2 had 16m net pay with 36% NTG at 11% porosity
SE3 had 13m net pay with 24% NTG at 10.2% porosity

So in theory at least, SE2 should hold as much reserve as the SE1 compartment, if no more as the lower porosity is somewhat offset by the thicker net pay zone.



All just MHO of course.

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