wharf, page-25

Lani

Exploration Permits

I wouldn't mind betting that the Carnarvon Basin would go.
Must be some long-termers here who can shed a bit of light on its value.
All Perth Basin EPs would stay. ERM are JVs in 9 out of 13 of them and the Macquarrie JV program is inclusive. CM has said that just EP389 alone could keep them busy for 20 years.

Gas to Burn

There is good value in the volume of gas we've already got.
Could be around $14m revenue per annum. Just got to get some cash for it (hopefully in 4th qtr). Stage two of the development could put this over the top.

Conclusion

I don't despair about the wait for the "Gas Cash", I am sure there will be other events in between to drive the s.p.
There will be some failures along the way which is all part and parcel of exploration. We will also be in a lot stronger position to weather these events.