Ann: Jaws Pilot Update, page-41

I think you can safely say that if either of these STX projects work then those invested will see many multiples of the current price. If they both work then anything is possible.

I recall a Red Leaf Securities analyst talking about $4.50+ / share for the entire cooper project in time if proven to be a very successful project. And that was before acquiring the Waitsia analogue in the Perth basin. That is a billion dollar plus project by itself.

The numbers are very large, and there are too many moving pieces to put an accurate value on it at this stage.

There is a good overview of the Waitsia project in the BPT presentation out today, as well as discussion on east coast gas market and cost of importing LNG back into the domestic system.