The Bankable Asset, page-29

MarginTrader:

I struggle a bit with gas prices. They are always quoted on websites like AEMO without definition. Are they wholesale prices? retail prices? or ex. gas field prices? or something else?

Here's the relevant quote from your analysis...
The current price for 1 GJ according to the Australian Energy Market Operator is sitting at $8-$9. See link here: https://www.aemo.com.au/Gas/Gas-Supply-Hubs/Data-dashboard When you take into consideration the potential costs, time value of money and other risks to commercialise the 2P Reserve, I have given a very conservative Discounted Commodity Price of $2 per GJ. This represents a 25% margin.

The $8-$9 gas price is at what part of the gas pipe.?
The end of the pipe (what consumers pay)
The beginning of the pipe (what the producer get's paid)

I don't know the answer.

And what did you mean by "This represents a 25% margin" ? how is that calculated ?