Atlas could produce gas in 2 years because it's so good they...

Atlas could produce gas in 2 years because it's so good they didn't need any appraisal drilling, they could book immediate 2P reserves, apply straight for a PL, and start development.

CTP needs to do two rounds of appraisal - exploration cores, then a pilot. That's the reason CTP can't replicate SXY in getting gas in 2 years.

You really can't compare it to Atlas. The most obvious proof of this is to look at the map on CTP's presentation on p13. Look where Atlas and Ironbark are located in the Walloons fairway, both adjacent to thousands of producing wells on the sweet spots of Combabula-Woleebee and Undulla Nose, respectively. Now look at where Range is located - no development anywhere near it. The wells you can see around it are exploration and appraisal wells, including half a dozen multi-well pilots, that convinced QGC and Arrow to focus on elsewhere first.

But the sweet spots are getting close to drilled out now, and the last of the tier 1 acreage has just gone (Xyloleum block, to Armour/APLNG JV). From now you will see focus increasingly turning to areas like Range, and from initial results it looks like Range will be firmly in the upper echelon of that tier 2 acreage. It won't be Undulla Nose but it should be solidly economic for a low-cost operator.