I guess Arrow has come along way over the years. Some key points...

I guess Arrow has come along way over the years. Some key points from my perspective:

1. They now have to distinguish their ops by country. 55m coal with good gas content in Indo. Awesome.

2. Agree with Pete. Licence approval is significant. Not just any licence either, but the first from Surat to Gladstone.

3. Bowen development team expanded with more Shell guys joining.

4. Getting ready for siting the long lead items like gas tanks is a very good sign.

5. There is a bit of stuff to come with both the LNG sales agreement and Golars stake in Infra/Train companies.

6. They have had a production development ceisure at Moranbah due to water handling. I guess this highlights the critical path that water handling could pose as we look to full scale SGP development.

7. We are looking at $200m in annual revenue for their domestic operations (gas/elec) only - not to mention further field development for their domestic and then the added significant LNG opportunities.

8. Signifcant focus on pilot wells to develop the 2P reserves base.

Cheers,

SF