Ann: GRANT OF ATP 2031, page-8

Thanks justin.

The big gas flows and cash flows start late in this quarter.

Engineering works are underway to enable increased production volumes, which appear scheduled just-in-time for NGP opening. Holders would welcome a statement these have been completed to remove this uncertainty.

There are Macquarie and PWC liabilities to be satisfied from gas production which will soak up funds for a while - I struggle to correctly identify their timing and scale. While this delays the $$$ inflow, it strengthens the balance sheet and brings forward the option of refinancing if desired.

Meanwhile, PV is drilling away. While the share price is depressed by the fear of Duster#2, a reasonable result will provoke an out-size response.

CTP will be planning an ambitious future drilling program, to tie in Ooraminna and to participate in farm-outs on more favourable terms. If Santos' high ambitions are realised, the Alice to Moomba pipe will happen of its own accord.

This business will be unrecognisable in 18 months time.

Ash