Analyst reports, page-18

Doug, I have seen that 7.6TCF figure floating around, including being quoted by Neill Young in one of his investor presentations, and actually as I understand it, this figure came form an independent report (commissioned by Elixer) by ERCE back in late 2018 prior to any drilling. In this report actually the figure they estimated was 40.1TCF, which was multiplied by a de-risking factor of 19%, to apply a probability of geological discovery. Given the recent ACTUAL discovery of gassy coals, on average 40-50m thick, one would think that 19% factor should be significantly increased, and therefore the 7.6TCF is thus rendered as a low-ball figure rather than blue-sky.