Ann: West Erregulla Adds A Further Signifcant Gas Discovery, page-198

Based on the porosity, the third discovery is conventional (the porosity is just above 10%). But there is a big difference between 14.3% porosity and 10.3% porosity. We don't know the permeability.

From the announcements: The Kingia formation has a net pay of 41 metres and an average porosity of 14.3% (with peaks of up to 19%). The High Cliff formation has a net pay of 10 metres and an average porosity of 10.3% (and sections up to 16%).

You are right the market was expecting something better. However, I think the second discovery is enough to make this a commercial discovery.