Section 9.4 & 9.5 page 16, page-22

Moorpett.

I worry that you will be substantially disappointed if you are expecting any upgrade at AS to double the production from CH.

The field output has declined steadily over the years and any improvement above the trend will require some intervention or some additional wells to be drilled. The plant is not constraining production as it was able to cope with substantially higher flow rates when it was initially on line.

I expect that interventions and added wells will be undertaken at CH at some point, but it will require a lot of capital, which is something that is currently in short supply at TEG.

Oil prices have improved the position of TEG, but the next phase of activity at CH will require a lot of cash.

For theat reason, I remaining on the sidelines on this but may buy into the next CR.

Cheers, AL