Agreed. Sheffield has control and first rights on everything....

Agreed. Sheffield has control and first rights on everything. TBN has a fairly strong rights position and Sheffield’s mates are invested with us (as is Sheffield and his father now) on the same terms. TBN listing allows Sheffield to leverage his position and ultimately provides a high quality exit route. But the big money will be made by DW - the ORRI alone could be worth over $10bn.

I’m ok with this as the scale of the resource is beyond the resources and capabilities of a small company, as shown by Falcon. Sheffield has the funds, depth of team resources, track record and the appetite to make this more successful than his father’s business. State and Fed gov are now fully on side. Demand side is strong. Beetaloo or Bust!

The next well is important. We’ve had one great result so far. A second one at a good distance from SS-1H would catapult us towards full production mode, drive up share price, open up more funding lines. Reworked shallower Amungee? May not be as impressive but probably good enough (“significant shows of gas” is all we’ve heard). At least, we have one more bullet left after that. Third well should deliver.

Keen to hear from TBN re FID and work plan.

JOA was included in S1 prospectus for US listing. Trove of information!