Using the gas composition data from the report I get a gas...

Using the gas composition data from the report I get a gas gradient 0.0867 psi/ft at reservoir conditions which I used in the plot below putting the gradient as a best fit through the highest quality MDT points. There are a few options for a water gradient on WE (there is no published data at this point) but utilising some of the possible lines from regional data does not make any material difference. Interestingly, this yields a 4655 mTVDSS contact which is one of the cases carried by NSAI.

If that was the case:
3P: 372 PJ
3C: 113 PJ
3U: ~0 PJ, the 3U bits in red below above 4655 mTVDSS are not material.
and nothing for Highcliff or Dongara-Wagina - no demonstrated flow capacity at WE AFAIK.

=486 PJ / 2 for WGO = 234 PJ - 100 PJ for the $0 Wesfarmers deal => 134 PJ STX. It appears then that South Erregulla success is already built into the share price on a risked basis even after the fall to 19c ($384 M cap according to HC).

An update on the status of well testing at West Erregulla-5 should yield more information on the contact (as per the section below). Has there been any indication when a well test update will be released? It would seem to be material?

GLTAH