Since they took over as lead operator of Muhalo, they are...

Since they took over as lead operator of Muhalo, they are executing well and on schedule.

We know that they have indicated 2p resource booking within 3 months and they are expecting 100+PJ. Today's successful update would only increase this expectation.

Once these proven 2p reserves are certified expect the APA pipeline deal (funded by APA) and Gas Sale Agreement for Gladstone export sales to follow fairly quickly. The cash call on Santos for the current round of work will likely fund the initial production establishment costs.

We are closing in on end game now after many years of frustrations with Santos as the previous lead operator sitting on their hands.

Even with the recent share rise the current capitalisation is still only pennies on the dollar of the gas reserve values. Onwards and upwards.