I think you are right, but 100tj is about 10% of WA market and growing that share may be a hard task. I wouldn't discount a deal with one of the LNG guys to offset their DMO and then step up the volume and throughput in a third phase. I would certainly be thinking about the added capacity as a possibility at this point. The deeper play has not been tested thru the basin. Beharra Deep was always discussed as a deep play, but now it becomes a viable target as well.
In any event, the value argument is strong.
Cheers, AL
AWE Price at posting:
56.5¢ Sentiment: Buy Disclosure: Held