The coal in that area is some of the thickest in the Walloons,...

The coal in that area is some of the thickest in the Walloons, average about 30m net. So no problems there.

The problem is it's not one of the sweet spots. Permeability is good where the coal is shallow but falls off pretty quickly with depth. Unfortunately where the coal is shallow is where the gas content is low so it's a Catch 22.

So I don't think reserves will be higher than in the government offer document which is what CTP has been quoting. The gov tends to assume the whole block is developable which it won't be. But I do think a low-cost operator like CTP should be able to develop part of it, maybe 60%. Gas rates and EURs will be quite low so operating on a shoestring will be the key.