Strategic Review, page-8

Very frustrating. The company's market cap is only $56m compared to $85m as a bookended estimate of what its producing assets are worth (PV, Dingo, Meerenie), based on what CUE and NZOG paid for their half share. Given what's happening with east coast gas prices I think there's upside to this.

Add on the value of the exploration assets, the discount between the company's market cap and asset holding is even more start. Should be >60%.

Only reason I think this discount is so persistent is the market's scepticism in the company's management's ability to execute. This is extremely disappointing given the crisis unfolding in the east coast gas market crying out for a solution.

Management should address these perceptions with better articulation of how it intends to close gap through implementation of current company strategy or sale of assets/business to third parties better able to respond to the current market.

Never let a good crisis go to waste.