Ann: Vali and Odin Update, page-77

Assuming 20mmscf/d with Odin, you will have circa 16mmscf/d of sales gas, or 6.2pj gross/1.55pj net. That would require $7.75 after costs for $1m per month.

Assing 10mmmscfd for Vali after impurities, leaves 6mmmscfd after impurities for Odin. 16 total, assuming 20% of capacity is taken by impurities)

The Vali/AGL10 will likely be sub $10 revenue per GJ... probably around $8. I'd imagine processing costs will be around $3....That makes about $5m profit for the 1 net PJ produced. Adjust up or down by $1m for each $1 cost.

The Odin 6 is currently at spot...so $12 minus the same processing costs gives $9/gj, or $5.4m for the 0.6 net PJ produced. Adjust up or down $0.6m for each $1 cost.

Total is therefore circa $10.4m. If you use $2 total costs/shrinkage you get your $1m per month. I'm honestly not seeing a scenario where there is much more than that $1m per month - until the AGL contract expires. However, that is still a transformational quantum of revenue. A 40% payout policy would allow for 0.5cps share dividends. I'm optimistic that we'll see at least 0.2cps.