Ann: Phoenix South-3 Drilling Update, page-19

Price risk is always there with oil, gas on the other hand is locked in with contracts.

It's better to have a suite of assets that can provide long term stable income with short term upside. I studied the effects of gas markets, pricing mechanisms, pipeline access pricing and regulatory effects.

Gas developments are very profitable in Australia with current pricing. The credits from condo is what makes pheonix rare in Australia, its a great discovery that will pay handsomely if the potential is confirmed. The light oil in the Barrett is also a massive plus.