Ann: Trading Halt, page-42

I think they will be selling all their contracted gas from the Valli field for the first 4 years to AGL at a combination of fixed and variable prices.
The 9 to 16 Pj would just be an estimate of the amount of gas they will produce in that time .
I agree that there should be production cash flow to MEL from the beginning of the contract but from what they have announced all the gas will be going to AGL from Valli and none to other Markets during the first 4 years .
The fixed price portion of the contract will act a bit like a hedge if gas prices were to fall during those four years but that seems unlikely with a supply deficit predicted in that time frame
How good or bad the fixed price clause turns out to be depends on what fixed price was negotiated
Money to move from Explorer to Producer never comes cheap either from Loans Supply Agreements or from Equity

Odin gas is unencumbered and they have more options there and probably can get a better deal for that gas
Might sell a good proportion on the spot market
However another GSA with a prepayment might save them from another credit raise to fund drilling for development and or exploration