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

All gas produced is sold. More gas will be produced when 2 Mereenie development 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 prospects development.

$35 - $85 million available spend is in addition to fee carry of existing farm-outs 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 happened with Macquarie bid.

Board aiming for stability and continuity would forsee these risks and declare above dividend policy avoiding repetition of those events. With income now 6.66 / 13.3 sps now is time to declare first dividend to be paid December 2024 of 1 cps followed by similar March 2025 making total annual distribution 2cps.

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