$3 IMO would only cover the shale and only be a fair price pre...

$3 IMO would only cover the shale and only be a fair price pre the horizontal well results.

If we get around 10-20 mmscf/d off a horizontal well, I want $6/share LOL. That is only 10c/GJ for the shale and ignores the international acreage, Cooper oil, SACBJV etc. Still quite a bargain compared to international valuations in the US where the gas price is lower.

The big elephants in the room for Beach which aren't even being discussed yet are:

i) what if there is more than 60Tcf recoverable ie closer to 100Tcf? I do not count this out if BPT are currently on the record with 60 Tcf recoverable at this stage of the derisking.

ii) there is enough gas there as it stands to supply every LNG plant on the east coast and still have enough left over for GTL. Note based on current Brent pricing GTL could be providing in the region of ~$21/GJ.

Anyway - dream on current holders and hope that some of the above potential is realised.

OK