Ann: Rafael Resource Update and Regional Exploration Potential, page-6

The unlocking of the basin is accelerating.
A fairway along the Southern flank of the basin has been identified as a strong geological trend holding both a high probability of gas and condensate in multiple deeper seismic signatures analogous to Raf-1, but equally incredible, the high probability of oil prospects analogous to Shallow.
Whilst the 3C is disappointing, Phase 1 will proceed as planned, whilst follow-up prospects are strategically ranked.
Phase 1 revenue will enable the momentum to build to a self-sustaining business model that will hopefully reduce the farm-out requirements in the future.
Right now, it's all about Shallow. The implications of a significant viable discovery will change everything for us.