Ann: Rafael Test Completion and Corporate Update, page-93

Once there are definitive resources and reserves I think the market will re-rate. There may still be some scepticism of how to get it to market, and if that can be determined there will be a massive re-rate, especially if that market is an export market. Then there is the revaluing of the whole basin given this well hasn’t needed to be fracced. If there was some agreement made with the WA government that once a resource threshold was met export could occur you would have to think with energy access being guaranteed their would be investment from Asian importers into pipelines etc. The Russian invasion of the Ukraine will take a lot of oil and gas off the market and I would think for a long time. The same ‘ethical’ bias of people against gas that has been evident in recent years, will also strengthen against the use of Russian gas for several years one could summise.