no confidence, page-5

As an afterthought, I can only hope that they are preserving cash to help fund their part of a future joint development at ATP 529P with AGL - but that might be dreaming as it probably would be a long time into the future. Annnounced flow rate of 54,000 scfd is pretty ordinary, given the remoteness from markets. Maybe they are confident that this will come from such a large area that the total volume of gas will be economic?

If they are going to preserve cash then they need to get a bit smarter than spending big on a temporary water solution on local grazier's land in the form of a large evaporation pond (rumoured to be cc $6-9 million). These are now out of favour with the government and this will likely need to be removed in future. Dealing with CSG water seems to be a major hidden cost of all these projects. They need to re-think and find innovative cost-effective solutions.