Ann: Walyering Reaches Payback & Operational Update, page-247

Let's put aside the dramatics for a while and look at the facts.

Agree, PGP has 70 Tj/d capacity.

But the only way for gas to exit PGP is via end users. Mondarra cannot take it.

Mondarra is there to move gas to and from DBNGP, and to top up PGP as required.

Beharra Springs and Walyering are handling the load without any high-level input form Mondarra.

Beharra and Walyering are not in a position to increase output until there is more load or the PGP/DGNGP interconnector is completed.

Hence STX revenue is as is until this happens. STX cannot afford time overrun on this project.

I am saying that we need a more detailed update on its progress. Late 2024 is just not good enough for forward financial planning. IMO.

It will be a crisis if W6 is up and running and the interconnector is not in operation. And Walyering, too, will be unable to operate at name plate capacity.

Rightly or wrongly, that's how I see it.