At your low-end $4.50 number, that looks about three years to pay back capex. If it were done as debt there might be a real upside for equity as debt is worked down, but I guess we all know there is going to be a capital raise and the new shareholders are going to take a lot of the upside. As usual with resource companies....
A three year payback is not awful.
At what point in the process do they get a firm price commitment from the customer(s) for the gas? Is that customer agreement/decision imminent, or does that negotiation only happen after a final investment decision is made on Waitsia?
Waitsia Phase 2 Cost, page-17
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