$90M was a reasonable estimate at the time - works out to about...

$90M was a reasonable estimate at the time - works out to about 67c per GJ of 2C which is on the low side if that 2C gets converted to 2P, but I wasn't convinced they would get all of it converted. For context Senex paid $1.06/GJ of 2P for APLNG's Woleebee block which is very similar reservoir properties.

If they had appraised Range properly from the start, it would basically be ready to start development drilling by now. Instead it's going absolutely nowhere and the company is basically silent on water rates which is a very bad sign.

Given I have no confidence in CTP's ability to actually monetise Range, I am all for going to the market and seeing what somebody would give them for it. But the JV is a stumbling block. IPL don't want the money, they want the gas security.