Ann: 2018 Annual Reserves Statement, page-10

So from the quarterly conference call:

1. BPT are going to be drilling 7 wells starting in the next few days. We are free carried from this so no cost to us but upside if they strike

2. Financing close will occur in the next few week. As part of financing close, they will also be hoping to execute another infrastructure type deal for WSGP (similar to Atlas and Jemena). Following financing close they will also release the new well run rate graphs (showing peak oil for the wells) and give us an idea of the IRRs. SXY do not seem perturbed at the average 3TJ/day (as it was up 67% from average last quarter) - though this is lower than the original P50 curves - interesting to see be update of the run rate graphs.

3. Apparently this is the first financing deal against unconventional gas, so attests to the quality of the asset.

4. Further reserve upgrades to come as the firm up the area - I think they mentioned as early as end of year.

Should be lots of positive news flow ahead.