The JV is selling 15% into the spot market at 7TJ/d (~2TJ/d for...

The JV is selling 15% into the spot market at 7TJ/d (~2TJ/d for CTP) against 44TJ/d production in Q1 gross JV (14TJ/d for CTP).

In addition to spot sales, another 33% of GSAs are expiring at the end of 2022, which will be remarketed at higher prices.

Conservatively, another $2-3GJ higher for new long term agreements wouldn't be out of the question. CTP averaged around $6/GJ wellhead price in the last 2 quarters.

So about 50% of production will be priced in 2023, which increases to 65% on a successful drilling campaign at PV. Ideally any PV tie in will be marketed into the spot market as well.

Both CTP and the JV will be in a very unique position bringing supply into the current market. They'll want to exploit spot market prices, which isn't traditionally a marketing tool for gas producers. Senex was planning to do this with their production increases, and was subsequently taken over by POSCO and Hancock last year.