Ann: FY23 Q4 Quarterly Report & Appendix 5B, page-20

I think there is only one tranche .
AGL will take up all the gas produced from Vali until the end date of the agreement .
The amount of how much gas would be produced in that time frame was unknown at the time the agreement was made so they put in the 9 to 16 Pjl as the likely amount of gas that would be produced in that time .
All the gas will be sold under the same payment arrangements which are confidential but we know it is a combination of a fixed price for some of the gas and a market price for some of the gas .
So the overall price of the gas can vary as the market price varies and repayment of the 15 million they paid upfront will be taken out over the life of the agreement .

My reading of what they have Announced to us .
It seemed clear enough to me but I could have misunderstood what they have said .
Everyone is thinking that gas prices will go up in the future but this contract gives us protection if the price was to drop a lot and gives us some extra if the price goes up .

We probably could get a better deal if we were doing the deal today but it was probably the best deal available at the time it was entered into .
The deal for Odin is probably better and at the end of that deal we will probably be able to negotiate an even better one .

Now all we have to do is to actually start producing the gas .