Ann: General Corporate Update, page-29

Going to be interesting what the farm in deal looks like.
I'd say there is zero chance of us not being operator still given the onboarding of CFO, drilling manager, exploration manager so that would mean say ~ 20-25%.
20% @ [80 million USD total back costs ] = ~ 16 million USD for 20% ~ 24 million Aud.
We will ignore the $$ per WI% for the exercise atm.
Eastern well ~ 1500m.
40% saving on MK2 cost of 35 million at 3400m....call it $10k per m.
1500m x $10k = 15 million - 40% = 9 - 20% [ farm in ] = 7.2 million.
With the cash raised we could drill 5 East / Shelf edge wells with only back costs cash IMO.
I suspect through the farm in we will be free carried for 2 years of works + and I think it may well be the reason we have not flow tested or 3D started yet.

All guesses on my part.