Initially yes, but remember both Mereenie and PV are in decline...

Initially yes, but remember both Mereenie and PV are in decline (as TS loves to remind us) so over the course of FY26 they will need to do more drilling if they're going to make 5 PJ net to CTP. A more realistic target is probably 4.5 PJ. As you say with a much healthier operating margin.

Still several options for keeping production steady to offset field decline. I'd like to see a Stairway lateral. Choose whichever Mereenie well flowed best from the Stairway and stick a lateral through it.

The Deeps really need a proper look again too. With a better drilling plan after last time's monumental stuff up.