EXR Trading 2022, page-46

Its just the usual explorer cycle and the fact that EXR have moved on passed the "can we find coal stage" that was the easy bit. The market is now looking for something more real and so will exclude hydrogen at this point.

I think what we need is along the lines of:

ok so after our initail exploration drilling efforts we have a good understanding of the characteristic of our target basin(s) and this is were we are. Forward plans and timleine are this and at the end of that period we will be able to report of the full commercial potential, including some resources and potential reserves and this is how we will monitise the early gas flow to revenue near and medium teurn - note none of that will include a pipleine to China or MOU's or we are in a good strategic location.

Not convinced they need to farm down as they have more than enough cash to get the the end of the flow test unless its for a strategic business reason to support the above and no one will be interested in a TO until gas has flowed and some and the cookie cutting basin approach has been demonstated.

Its a standard CBM exporation cycle and likely others will see SP rised based on very early exploration, but EXR are ahead of the curve and actual have a very promising target for early commercail gas flow.