Mr. Davies please take note, page-18

Meant to summarise, but ran out of lunch time and then the weekend got away from me.

But what this all means:

1. Have received Petroleum Lease for both Atlas and WSGP, with environmental and regulatory approvals due mid-2018 for WSGP and mid-2019 for Atlas.

2. SXY suggest they've identified the next 40-50 wells for WSGP and 15 wells in the Cooper Basin western flank.
At circa $1m per well = $70M capex
The processing plant was acirca $50M, requiring total capex of $120M.

This strongly suggests the financing facility is around $100M - $150M, given we have surplus cash.

So basically all we are waiting (all affirmed to be due mid-2018, as at 2 May)
- gas sale agreements
- financing solution of between $100m - $150m debt facility
- environmental and regulatory approvals
- basically confirmation of timing of next phases of drilling.

(In addition we have that $50M free carry from Beach).

With the 30 wells plus the 70 odd expected to come online, it's not hard to see how transformational this next phase is into a self sustaining cash cow

This, and the fact we have 120 mmboe 2P reserves but trade at an EV of AUD$500M are the reason no one can downramp this gem.

All we need is Ian Davies to deliver what he has promised us by mid-2018.