All gas produced is now sold. More gas will be produced when 2...

All gas produced is now sold. More gas will be produced when 2 Mereenie wells are drilled this year.

Current production sold to EAST COAST has operating costs AU$5.63, sales margin $2.64, well head price $8.31, pipeline costs $5.

Pipeline costs gas sold to PWC is $1.

EOI raises sales price significantly.

Well Head price $10 yields EBITDAX $50 million - 6.66c/share.

Well Head price $16 yields EBITDAX $100 million - 13.3c/share.

DIVIDEND of 2 cps is $15 million leaving $35 - 85 million for prospect development.

$15 - $85 million available spend is in addition to free carry of existing farm-ins and those to be done with Mamlambo and Zevon.

STRIKE 1 AGM 2023 could be followed by STRIKE 2 AGM 2024. It would confirm repetition of shareholder mobilisation and subsequent organisation turmoil to follow as did at time of Macquarie bid.

Board aiming for stability and continuity would forsee theses risks and declare above dividend policy avoiding repetition of those events. With income now 6.66c / 13.3 c/share is timely declaration of first dividend 1 c/share to be paid DECEMBER 2024 followed by similar March 2025 making total distribution for 12 months 2c/share.

At current share price 5c dividend yields are 20% and 40%.