Ann: South Erregulla Reserves, page-11

While the down grade of reserves is a poo poo, it was expected. I love this move, on many levels.

One it shows how gas can be used to alleviate any short fall in renewables while still hopefully being able to be exported, so may increase chance of export licences which makes Strikes acreage size much more valuable and overseas funding more readily available.

It is really a matter of if God gives you lemons, make lemonade. They are really making the best out of the downgrade that they can, and almost any loss of revenue from less gas is made up from elevated prices, that seem to be in some ways locked in. And they access the electricity grid rather than pipelines.

it gives a date for any suitors from a position of greater strength. November is FID for this it seems and Ocean Hill is also last quarter of the calendar year.

Very very smart pivot.