Ann: Change in substantial holding from MUFG, page-9

Agree with all comments here. It is going to be hard to reduce net debt with the huge spend required for clean up and annie development. About $250 mill combined. However EBITDAX cash flows could be anywhere from 50-100+ mil pa depend on gas price?? More and more confident in the flows from Orbost and that is less of a variable now, more about the price we're able to achieve. Great to have lower GSA requirements with spot at these prices. Looking at the chart, the daily RSI broke out over 70 few months back and the shorters are struggling to get it to break under 30 , this gives me confidence that this is more of accumulation and that we are at the beginning of the rerate.