Ann: Central Signs New GSA & Supporting Mereenie JV Arrangements, page-9

Good to finally see something come through, but volumes aren't great. Looks like we will be selling a bit on the spot market unless we secure further GSAs...

Key points for me
1. 3 year agreement which should see us ride out the Global LNG glut until tightness emerges after FY22 ("predicted").
2. Stronger pricing indicated with CPI escalation. At a guess, I interpret strong as $0.5 to $1 per GJ increase in ex-field.
3. 21.9 PJ over three years for the Mereenie JV --> lets say 11 PJ net to CTP.
4. Overlift return of 2.4 PJ over the 3 years.
5. Priority over gas deliveries for first two years, which is presumably linked to the prepaid gas we received from MQ. I don't understand how we could have priority without increasing overlift though.

Therefore net, CTP has 11 PJ share, less overlift return of 2.4 PJ less prepaid gas balance of 3.6 PJ = 5 PJ over 3 years. Doesn't sound great to me for our cashflow unless we can put the "re-allocated" gas to overlift? Does anyone understand how this works?

Comparing to our volumes this year, our gas volumes increased from 2.9 PJ in H1 2019 to 7.3 PJ in H2 2019 - lets assume that 4 PJ was the increase associated going down the NGP (to allow for overlift etc normalisation). 8 PJ annualised or 24 PJ over 3 years. 11 PJ is quite a lot a less. What am i missing?