Ann: Mereenie Update, page-10

Agree munaigaz, it’s pretty much fully derisked at that price today but it does depend a lot on pipeline and global LNG price etc but I’m rock solid on my hopes and outcomes to the major remaining risk being the GMRG due this month.

The global price risk is also sweet and minimal as far as I care due to the rising demand and lack of LNG FID in the producing countries in the past 5-7 years and lead times to first gas post FID. Therfore, allowing for global supply increase to balance out demand and put downward pressure on prices I have reduced profit in 2026, or around there.

Mereenie success on 26 is important but not the be all and end all and at worst it will be a short term retraction in SP. the gas is there and it is economic - that’s a fact.

RC has positioned this company like a genius and a veteran. Hats off to him. All the naysayers will be silenced and singing his praises in no time I reckon.