I see revenue instantly. I believe they are looking at around 12mmcf/d, which is 4.6 PJ per annum. The contract is for 1 PJ in the first year, which will be rolled over to the following year...and then 2pj a year after that. So in 2023 calendar year they will hopefully produce 4.6 PJ and sell 3 into the prepayment and 1.6 into spot. Further, the terms of the prepayment are unknown....but $15m for 9-16pj is less than $2 per pj of funding. There is no way that this prepayment fully covets the cost of the gas. I'm thinking $2-4 of costs, $2 to repay the prepayment and $1-2 of discount for the funding. On a $10 standard price that still gives $2-4 of margin that should hit the bank account.
So in 2023 for the JV - 3pj at $2-4 profit, and 1.6 pj at spot minus costs....probably $10 clean at the moment....so $6-8m plus $16m....$22-24m, with MEL taking a quarter.
Clearly all speculative calcs, but I honestly think this one will surprise. From what access has posted they will be looking to accelerate Odin, which should add another 4-5tj/d, so around 1.5pj gross...~0.4pj net. Potentially another $2-4m net profit there.
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