Ann: Significant Gas Resource Identified in PEL 182 (Bass 100%), page-182

Re- Bean Bush. - more likely bought out by Santos, or other major than develop ourselves IMO, or smaller interest free carried in JV- But that should still catapult us much higher in MC, as either a minor interest in a major paradigm movement of gas in the cooper basin,,Its all pie in the sky. But a very big sky.

If we did it alone, we would need to raise cash to do so, which would change the MC by dilution, which is not preferred, but the prize is all ours then. (although dilution would occur at a much higher MC, if Santos has already proven their side of fence) So then that prize is of similar significance to Santos side of fence etc. Which at 100% basis might be worth magnitudes more that a quick offer to just sell it.?? It all comes back to the dilution required to raise the funds to do it alone.

I would prefer a free ride in say a 10-20% stake, develop costs paid by other, and keep our registry tight.
Or just pay us out, sell it for the early value add of the property as a future competitor to Santos in the basin. That is worth something to Santos to prevent a competitor, or to another to so.

Either way you wheel and deal it, Smaller interest free carried in Major JV, or outright sell. - The value of the property has got to be significant. My guess is we would be happy to take 100-200m and off to the pub. ?? Because as a future earner for decades, and decades and decades, its $billions. So its a juggle for the predator, what they offer us to sell it, against those forward revenues. Same how much we would accept in hand today, for not having to mature through a lengthy commercialization period.

What would the market pay in our MC, if we were developing 100 % basis in tandem with Santos next door ?
Two apple trees.
So you would want a cash payout to also reflect better than that.