Ann: STX: Walyering Update, page-25

My numbers are higher. I can't tell from that slide what $G/j STX have used. Last MST valuation had $7/Gj, I am using $8/Gj to reflect a modest improvement in spot gas prices. STX reported the other day that $10/Gj was achieved recently. I also can't tell if that $40M includes condensate, my numbers do have $2.8M pa from condensate included on top of gas revenue. Even if like for like is used, TPD's PE is still around 3.