Ann: Presentation for FY24 First Half Results and Update, page-5

The timeline is entirely consistent with investing in new frontiers - it doesn't happen overnight, and it may not happen at all, and so investors need to assess the risk weighted probabilities.

Santos purchase of the Narrabri gas deposit is a prime example - they purchased this from Eastern Star for $900m in 2011 and its yet to go into production.

CTP strategy on waiting for farm-in parties to fund exploration has been at the protection of both shareholders and maintaining a going concern. It ties in well for the investment thesis, where shareholders don't suffer cash drags from capital raisings to fund exploration development. Whilst it does comes at a cost of timing, its a strategy long term investors can afford.