Ann: Presentation to Australian Domestic Gas Outlook Conference, page-5

Scooter,

The $150M fits pretty well into my modelling ... see post https://hotcopper.com.au/posts/28761014/single

We do use different numbers and terminology. The closest thing the Operating Cash Flow is my Cash Flow from Operations number which for FY20 = $153M. This was done using a wholesale price of $8 GJ and a blend of spot and GSA.

I look much more towards Earnings (and GAAP at that not really EBITDA although it has its place in high capex businesses). After all those deductions I arrived at EPS of about 7.3 cps.

Overall nothing in the presentation changes any forward valuation.

Right now the "value" is heavily discounted for risk (haven't drilled the wells, haven't got flows etc etc).

This is long term play that grows into its revenue and earnings by spending the Capex now (hence the large DD&A we will see in future financials).

The really big jump occurs with Manta development and anything else.

The only thing to remember is COE does not have FREE CASH FLOW. This will come. But it also means that unless they farmout some of the asset then there is no liquidity. Farmout could take many variations (e.g. drill to earn, free carry, etc) to overcome this but then that will reduce earnings from existing asset and we spend again to develop another. That takes prudent management which so far COE has shown.

IMO - all good .