update tonight, page-4

9876,

If you look at the effect of the SRB tax (Hartleys numbers), you will see that increasing production within this permit beyond say 15kbopd increasingly starts to have pretty modest impact on the bottom line.

Obviously given the quick payback, it' will still be worth boosting production, and the NPAT/extra bbl is still pretty good, but the real step change will be had in getting production in the northern permit with the SRB and royalty rates starting off at nil and low %.

For me, L44 is an incremental story only now (albeit a pretty good one), L33 is the next step story (hopefully).

EL