Ann: Successful outcome of legal proceedings, page-21

FYI - even taking the PRMS certified gas resource estimate may prove to be an underestimate.

Take a look at the assumptions made used by MHA to determine the 2C Gas Resource (pg 5 of the this link : https://www.asx.com.au/asxpdf/20160108/pdf/4348kdgq509650.pdf). The only one of these assumptions which may be able to be verified in a laboratory is the energy yield of coal per at 15.2 GJ/tonne. All others are more of an experts opinion, and will be verified in terms of recoverability during the PCD Flaring phase.

Then look back further to the JORC resource report (https://www.asx.com.au/asxpdf/20151208/pdf/433mvxqp8ypm92.pdf), with 377 Mt of coal in PEL 650.

I fully accept that the amount of pipeline quality methane is not simply the product of 377 Mt * 15.2 GJ/t, however, as per many of the company's announcement that is only one revenue stream. Further, i would suggest that once revenue stream (methane for example) wont preclude another (fertiliser).

Time will tell, but that final resource upgrade may well surprise even some long term holders...