Ann: Woodside Farms into WA-389-P , page-21

Lordolean,

I was under the impression that WPL had been having some modest successes in it's gas search?

Of course the odds are on each of Artemis and Caterina being dry. If many believed otherwise the sp would be nearer $1 than 30c.

To have a slice of two "relatively" high odds, high impact wells lined up free carry IS simply a GREAT story however you look at it. [I say relatively high odds as the success WPL and others are having with gas exploration in the region is far better than the notoriously overused 1 in 10 success rule of thumb for O&G wells globally].

Today's news is the REALITY CHECK for those that have long been dismissing CUE, or seeing it as mostly an Artemis play on the exploration front.

Two final points. 1) CUE is walking the talk. It first suggested it might achieve a farmout in the March quarter. Well it hasn't been far behind, no long saga's here. 2) There will be few bureaucratic delays getting any CUE/WPL JV gas into a third or fourth Pluto train. Can you imagine the approvals process for a Petrabras JV based on the farmout.

Happy to have WPL aboard, but WPL was never going to 50% free carry anyone. 65% will make them keener to expedite any discovery anyway. Prefer 35% into a train 3, than 50% into a train 7,LOL. IF successful of course Lordolean.

EL