What about Phase 2, page-10

Indeed. You can only milk the cow for so long. LNG import prices are extremely sensitive to transport costs as well. The current price is about 50p a therm for Atlantic trade route. That transport cost is affected by Asian demand ironically, which is currently slower than normal, due to cheap Russian gas and slower Chinese recovery post covid lockdown. That will change as we get to the northern hemisphere winter and economic recovery in china progresses.
ASdditionally, the Opec meeting at the beginning of June will give us a read through on oil pricing (I suspect another cut in production is on its way).
Regarding the import of cheap LNG into Europe, the conversation is slowly moving toawards how carbon intensive the industry is (roughly 4x more carbon than domestic supply). And not forgetting that the UK's grand plan to produce more blue hydrogen relies very heavily on domestic gas supply into Bacton. If they want that to work they ned to get the gas from somewhere. If as being touted, North Sea production could be 80% less by 2030, that plan literally goes up in smoke.