you assuming stage 2 is up by then? They're saying mid CY24, I'd...

you assuming stage 2 is up by then? They're saying mid CY24, I'd slated that as selling in new year - as was expecting with the usual commissioning steps the ramp up won't go anywhere till FY25.
Is this Stage 1 feeding NWS-LNG? - is that allowed under their WA agreement? their WA sales gas is getting ~$4.6/GJ whereas that LNG cargo looked to achieve $22.5/GJ. good uplift if that's possible. at Stage 1 prod rates its what 1 cargo per half of 100% BPT ownership - 4.25PJ of gas for that Dec cargo (ignoring trading uplift to sell Mitsui portion).

Agreeing with your debt numbers from the recheck - with the remaining $420m capex (vs 550 for 1H) and the otway ramp up, I could see how they'd make $100-125M FCF after tax, which off the 359 net debt current, that makes your $250m debt way more sensible than what I had. phew. am sure I haven't considered everything, but that's a considerably more reasonable debt position to be in.