Waitsia Phase 2 Cost, page-20

There are still a lot of uncertainties around that because I don't know what the opex costs are with any great accuracy, particularly the pipeline costs. I was assuming $1/GJ for pipeline but it seems the tariff is more like $1.80/GJ for the full length (ie from NWS).

Waitsia would only need to use about a quarter of the pipeline so I don't know if they have to pay the full tariff or not.

I'm hoping that when they announce FID they will give some guidance on costs that will allow a better estimate. Suffice to say it will be a very profitable project, but a lot of value (if not all of it) seems to be built into the share price already because they don't have much else left in their portfolio.