STO Investor Briefing, page-51

Xi11,

I guess its up to each person ..........

I would look at it as

bonds (wa gas, cb gas)
oil lev (cb oil/cond) - circa 25-30 / bbl ...
oil lev (lng projects - one has a diff fiscal regime)......

and then break out the capex reqd for each type of business

very very roughly
wa gas - minor
cb gas - 50-60% developed
png - minor (v high flow rate well!, from osh preso's - will only require 1/2 wells every couple of yrs......)
glng - I would est most of the inc in fwd capex is additional dev drilling ....
narra - I would go throu the old ESG rpts - circa 3bn + someone has to build pipeline .........most likely the vol's will be swapped out of the syd market .....

you should be able to work out that most of the delta value is within glng........2nd is pnglng (small equity %)...

rgds
V_H