question?, page-9

All this analysis is very simplistic.

Low CO2 gas from Heron will be more valuable than the high CO2 Barossa/Calidita and the even higher CO2 Evans Shoal.

Then there is Blackwood upside.

Then there is the value of TSMP/TSLNG.

If the analysts are working off a 25% MEO basis for NT/P68, they should also include the $75m cash kicker and use a 95% POS as at this point FID will have been reached. If they want to apply a lower POS, fine, but then MEO will hold 50 - 100%.

Regardless, MEO is highly leveraged to success at HS-1.

MEO's ability to do deals will be valuable for Seruway and 454P farmouts which should again deliver large free-carried upside.