Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-13

G'day @Shaykey,

The 12 months extension is a great sign because it means nothing needs to be negotiated to keep on working with Shell, it's an extension to the existing agreement. These are always preferable to renegotiating another agreement for the next phase.

Please keep in mind that a term sheet was discussed/agreed with Shell for the next phase ( that was my take on previous discussions ) which means that in principle, agreement has been reached on the commercial models for the next stage depending on what Shell/QGC want to do. All those models were added to the FS for Shell to consider.

Industry MasterPlan, Shell acceptance of FS ( FS tweaked to client requirements tells me they wanted it prepped for Capital Investment Committee submission and approval but that could be my rosed coloured glasses on ), lots of Govt and industry discussion and stakeholder involvement, all bodes well for the industry to be heading down an iBC route when there is no other viable industry solution. I love the position that PWN is in.

Yes it might take a little time or Shell could be the environmental evangelist trailblazer for the CSG industry. All good PR.

Mr M.