Ann: Q4 FY24 Quarterly Report & Appendix 5B, page-50

Tranche D has a higher interest rate interestingly.

Essentially the funding of the peaking plant depends on Walyering cash flows being sustained. Despite everything, if you put a microscope, preferably a scanning electron model, on the text of the quarterly, we still don’t tell if W7 is a real goer or not. Nor do we have any sense of what is really going on with W6, except that there might be some new gas from the cattamarra (5 tj/d, wow) with manageable water cut. So, there is clearly water in the cattamarra layer. Does that affect the other cattamarra production in W6? We are never told the relative flow rates from W5 and W6.

I have to concede that there is mention of tolling in relation to AGIG and the WE plant. However, I cannot believe that it will be as simple as Hancock and Strike simply adopting the funding structures put together by the old Warrego and Strike. It is such an inefficient use of Hancock's capital. Too inefficient in my view. There has to be a wrinkle but I can’t see it at the moment.