Ann: MOU with Santos to progress studies for Darwin LNG Expansion, page-22

All the directors of TBN have a history of selling at a price.
Where is the capital coming from after the pilot for the next phase?
The checkerboard was set up to allow a sale of some acreage to raise capital.
Likely this may switch to a sale of the eastern section rather than dilution?

For TBN to have a market cap greater than Santos, that is 25 Billion, the Beetaloo deep would need to be approx. valued at 60 billion allowing for TBN, Daly Waters and Falcon ownership.
Not real.

I am not down ramping, just trying to keep it together.
My holding is not small change.

GLTAH