Ann: Independent review increases Waitsia 2P Reserves by 78%, page-4

Sounds to me like they need to upgrade the plant - 100 TJ/d is too small for this now.

At the very least if they proceed with Stage 2 as is they should plan the space to allow Stage 3 to bolt on another 100 TJ/d. But I'd be exploring a 150 TJ/d plant here minimum. The current 2P would support that for 15 years.

I got some better numbers to put into my DCF model so I feel like I have a pretty good idea of the value now. Stage 2 is fully factored into the SP, along with existing production (Waitsia 1 and BassGas). But BassGas upside (from higher east coast prices), AAL and Waitsia Stage 3+ are basically a free carry at this share price.