Ann: Update on operating conditions and guidance for FY2021, page-20

Today confirms that the major project aplng cashflow is decreasing still which isnt that great given the age of the project

APLNG cashflow will rise and fall with the oil price, which determines their contract LNG price. There isn't much ORG can do about that beyond hedging and trying to maximise spot sales. The production performance is very impressive, it's by far the best of the three Gladstone LNG projects.

It wasn't expected to be booming, the JCC price has a lag of 3 months so this FY APLNG reflects both the COVID crash from April to June, and the anaemic recovery to ~$45/bbl between July and November. With the JCC price lag the contract price they get for this quarter will be around that $45 mark. Oil has recovered a bit since then up towards $60 but that's still not very high and due to JCC lag will only apply for the last quarter of the FY.

So the APLNG guidance here reflects a very good operational performance but receiving a relatively poor price.