ps - some quick notes; As I've stated previously the CBM...

ps - some quick notes;

As I've stated previously the CBM theoretically adds 1 billion NPV per TCF hence 34 TCF CBM = $34 billion NPV. These have not been added into the calcs.

The HVS fracture play is also not included due to the distortion it would cause and the fact this kind of play needs alot of proving via interpretation/assesment and drilling technique definition before being considered.

The HVS 12, 67 & 90 should not be in the CBM column as its obviously not CBM!

GTL conversion ratio is open ended due to the unknowns - best case is based on 300 operational day producing 140,000 bbl day on 0.5 TCFG feedstock.

Conservative oil price of $40 per bbl used for calculations with 35% recovery ratios per well on the assumed UOIIP. ML predict the oil price to settle at around $90 per bbl in the coming 12 months.

Conservative helium prices aswell given the current market though the agreements are unknown so $20 per bbl may actually be appropriate over the longer term.

Other calculations I've undertaken indicate that the GTL plant could produce revenue of c.$1.5 billion p.a to CTP with respect to capex return based on similar operational terms as stated previously.

I take no responsibility for the use of the calculations as theres alot of variables and unknowns.