Good post Michael, welcome aboard.The unwind is separate to the...

Good post Michael, welcome aboard.

The unwind is separate to the net debt reduction as CTP management note net debt being MQ debt + cash in their latest presentation.

I have put together a bsaic forecast cashflow below.

1. Phase 1 cash with normalised accounting adj. This is basically CY19 provided by management with cash impacts of accounting unwinds in future years. Have included MQ only as I assume we will continue to receive / unwind PWC in year and therefore have not considered here.

2. Phase 2 cash generated. This is the "bull case" taking into account phase 1 above, (a) with a 3 - 5 year GSA signed at rates $1 GJ higher than current pricing, (b) phase 2 gas volumes at 10 TJ a day and (c) interest savings due to debt refinance / amortisation of debt.

All things else remain constant, for simplicity. I believe we have c. $5-7m of costs provisioned in CY19 for O-3, so comfortable rolling this forward as cost commitments.

Looks quite good eh? Go the CTP.