Waitsia Phase 2 Cost, page-22

Hi PSI

Good to see some interest back on AWE.

Re the east coast gas projects, which are just contributing now, remember that the Casino and BassGas gas contracts are running out and it is more than likely that they will achieve a step up in pricing when the tail reserves are finally contracted. $4 gas could go to 7 or 8, which would help with the profitability and cash flows from these mature assets. MD has a background in gas marketing, so I believe it will be seen as a positive.

On Waitsia, I don't have any direct insight into the capex costs, but the expanded plant is being located at Xyris, so a lot of the gear will already be on site. It will need expansion as I recall Xyris was a 10 - 20tj plant, but I don't see it being as high as some have suggested on here and will be cheaper than the relativity on Orbost.

Hope this helps. Project certainly does look positive, as I expect reserve upside from the recent wells.

Cheers, AL