EXR Trading 2023, page-469

Thanks @BillCarroll and @tui for those excellent updates from New Zealand. I'm very comfortable with things at the moment. My reading of the situation is that next steps are dependent on the outcomes from Nomgon - which makes sense. If we can commercially flow gas - which is looking more and more likely, in fact the early flow rates and results appear as good as we could have hoped - then we can sell gas. I am interested to know what actual production will look like, and where and how we could see that happening. If we can produce and sell gas we can make income. If we make income we can use it for further exploration, testing and production without dilution. That's a lot of 'ifs' - albeit de risked 'ifs' - but it all fits in with the building of the jigsaw puzzle.

The trading was pretty much as per normal this week. The share price increase looks nice, but the VWAP is much more reflective of what's really going on. The price rose on Friday, mainly because there was no deliberate effort to push it down - which we saw on Thursday in the closing auction. Anyway, all part of the game.