Gas Costs, page-4

I concur with OGP on the modest headline profits this year, without presuming to put a figure on it.

I definitely expect solid cashflows as the NGP revenues begin.

I also expect significant balance sheet improvement as the PWC take-or-pay gas liability is unwound, the Macquarie loans are pared back and engineering works add to the asset base.

Ooraminna needs drilling to protect the exploration permit. As soon as O&G boffins work out another approach to Mereenie, the bit goes in there too.

It will feel like profitless prosperity, while actually making real progress.

GLTAH

Ash